Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-30

Fox Corp (FOX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$32,980,954
Lachlan Murdoch total, FY2025
44th
CEO pay percentile vs peers
327:1
CEO-to-median pay ratio
95.93%
Say-on-pay support, latest vote
Companies that benchmark against FOX
No companies currently name FOX as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lachlan Murdoch$3,000,000$0$10,594,860$2,750,000$10,680,000$3,958,000$1,998,094$32,980,954
Executive Chair and Chief Executive Officer
John Nallen2,000,00004,815,8211,250,0005,340,0001,723,000156,14115,284,962
President and Chief Operating Officer
Adam Ciongoli1,750,00002,889,519750,0004,895,000080,24210,364,761
Chief Legal and Policy Officer
Steven Tomsic1,750,00002,889,519750,0004,895,000036,98810,321,507
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Lachlan Murdoch$32,980,954$23,806,025$21,777,902+9,174,929
John Nallen15,284,96212,378,32710,682,586+2,906,635
Adam Ciongoli10,364,7619,166,672+1,198,089
Steven Tomsic10,321,5077,839,1346,880,079+2,482,373

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Adam CiongoliPSU2024-08-127,70222,00744,014$1,180,455
Adam CiongoliRSU2024-08-1244,0141,709,064
Adam CiongoliOPTION2024-08-1264,267750,000
Lachlan MurdochPSU2024-08-1228,24280,692161,3844,328,319
Lachlan MurdochRSU2024-08-12161,3846,266,541
Lachlan MurdochOPTION2024-08-12235,6462,750,000
John NallenOPTION2024-08-12107,1121,250,000
John NallenPSU2024-08-1212,83736,67873,3561,967,408
John NallenRSU2024-08-1273,3562,848,413
Steven TomsicOPTION2024-08-1264,267750,000
Steven TomsicPSU2024-08-127,70222,00744,0141,180,455
Steven TomsicRSU2024-08-1244,0141,709,064
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Adam Ciongoli$1,709,064$1,180,455$750,00032.4%
Lachlan Murdoch6,266,5414,328,3192,750,00032.4%
John Nallen2,848,4131,967,4081,250,00032.4%
Steven Tomsic1,709,0641,180,455750,00032.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Adam CiongoliPSU22,256$1,247,226
Lachlan MurdochRSU507,36428,432,679
John NallenRSU230,61712,923,777
Lachlan MurdochPSU166,4159,325,897
Steven TomsicRSU138,3687,754,143
Adam CiongoliRSU122,1426,844,838
John NallenPSU75,6424,238,978
Steven TomsicPSU45,3842,543,319
Lachlan MurdochOption265,18833.5
Lachlan MurdochOption264,16934.84
Lachlan MurdochOption235,64638.98
John NallenOption120,54033.5
John NallenOption120,07634.84
John NallenOption107,11238.98
Steven TomsicOption72,32433.5
Steven TomsicOption72,04634.84
Steven TomsicOption64,26738.98
Adam CiongoliOption109,97034.84
Adam CiongoliOption64,26738.98
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee aims to create a holistic program that aligns the interests of named executive officers with those of stockholders, maintains the Company's competitive position as a best-in-class employer, and encourages the retention of key talent. The program is designed to drive performance without encouraging unnecessary risk-taking, support long-term value creation, and attract, retain, and motivate top executive talent through a balanced combination of fixed and performance-based compensation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-11-14192,375,9278,152,4391,473,62495.93%Passed
20242024-11-19195,653,22914,467,16839,36593.11%Passed
20232023-11-17198,747,5709,228,275103,67095.56%Passed
20222022-11-03201,080,70810,710,102160,77894.94%Passed
20212021-11-10214,774,76111,056,86240,45995.1%Passed
20202020-11-12219,774,27621,304,934209,17991.16%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-11-1495.93%a
20242024-11-1993.11%b
20232023-11-1795.56%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)327 : 1
CEO total compensation
Median employee compensation$100,889
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Roland A. HernandezIndependent · Audit (Chair) · Nominating and Corporate Governance$153,084$224,956$378,040
William A. BurckIndependent · Compensation (Chair) · Nominating and Corporate Governance150,000224,956374,956
Paul D. RyanIndependent · Nominating and Corporate Governance (Chair) · Compensation143,084224,956368,040
Margaret “Peggy” L. JohnsonIndependent · Audit · Compensation130,000224,956354,956
Chase CareyIndependent · Lead Independent Director · Audit · Compensation130,000224,956354,956
Tony Abbott ACIndependent · Nominating and Corporate Governance110,000224,956334,956
Lachlan K. MurdochEmployee director · Board Chair0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$225,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 20,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$816,168
Equity awards (grant-date value)$1,349,736
All other compensation$0
Total cost of the board$2,165,904

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Fox Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Fox Corp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Warner Bros. Discovery, Inc.2025David Zaslav$3,000,000$22,597,744$109,593,181$25,726,018$165,009,366
2Netflix, Inc.2025Ted Sarandos3,000,00041,398,42407,053,95853,905,972
3The Walt Disney Company2025Robert Iger1,000,00021,000,05714,000,0067,250,00045,842,574
4Nexstar Media Group, Inc.2025Perry Sook3,000,00029,584,40504,085,07239,509,740
5Comcast Corporation2025Brian Roberts2,600,96223,473,07608,583,17535,148,413
6Fox Corp2025Lachlan Murdoch3,000,00010,594,8602,750,00010,680,00032,980,954
7Live Nation Entertainment, Inc.2025Michael Rapino3,000,00010,000,368017,372,52232,552,324
8Sinclair Broadcast Group, Inc.2025Christopher Ripley1,000,0006,761,54302,079,65210,824,228
9Sirius XM Holdings, Inc.2025Jennifer Witz2,000,000006,000,0008,012,795
Paramount Globalnot in coverage universe
AMC Networks Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Fox Corpnot disclosedRSU 50 · PSO 25 · PSU 25not disclosedFW Cook
AMC Networks Inc.not disclosednot disclosednot disclosednot disclosed
Comcast Corporation110%PSU 100Yes — Relative TSR ModifierKorn Ferry
Live Nation Entertainment, Inc.102%not disclosedNoThe Croner Company
Netflix, Inc.117.57%PSU 50 · RSU 50Yes — Company TSR relative to the TSR of the companies in the S&P 500Compensia
Nexstar Media Group, Inc.113%RSU 50 · PSU 50Yes — Relative TSR vs Peer GroupMeridian
Paramount Global164.2%PSU 50 · RSU 50NoClearBridge
Sinclair Broadcast Group, Inc.not disclosednot disclosednot disclosednot disclosed
Sirius XM Holdings, Inc.102%not disclosedNoMeridian Compensation Partners, LLC
The Walt Disney Company144.4%PSU 60 · Options 40Yes — TSR performance relative to the S&P 500 Media & Entertainment IndexPay Governance LLC
Warner Bros. Discovery, Inc.116.9%PSU 100NoPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Lachlan MurdochDEF 14A2025-09-250001628280-25-042772Section “Summary Compensation Table for the Fiscal Year Ended June 30, 2025” · page 34. As printed: 32,980,954. Filing ↗machine: span 656057–656067
2Section 01, John NallenDEF 14A2025-09-250001628280-25-042772Section “Summary Compensation Table for the Fiscal Year Ended June 30, 2025” · page 34. As printed: 15,284,962. Filing ↗machine: span 671798–671808
3Section 01, Adam CiongoliDEF 14A2025-09-250001628280-25-042772Section “Summary Compensation Table for the Fiscal Year Ended June 30, 2025” · page 34. As printed: 10,364,761. Filing ↗machine: span 703949–703959
4Section 01, Steven TomsicDEF 14A2025-09-250001628280-25-042772Section “Summary Compensation Table for the Fiscal Year Ended June 30, 2025” · page 34. As printed: 10,321,507. Filing ↗machine: span 688110–688120
5Section 03, Adam Ciongoli PSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 785515–785524
6Section 03, Adam Ciongoli RSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 788137–788146
7Section 03, Adam Ciongoli OPTIONDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 791911–791918
8Section 03, Lachlan Murdoch PSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 752370–752379
9Section 03, Lachlan Murdoch RSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 754618–754627
10Section 03, Lachlan Murdoch OPTIONDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 757450–757459
11Section 03, John Nallen OPTIONDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 769317–769326
12Section 03, John Nallen PSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 763413–763422
13Section 03, John Nallen RSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 766035–766044
14Section 03, Steven Tomsic OPTIONDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 779556–779563
15Section 03, Steven Tomsic PSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 774478–774487
16Section 03, Steven Tomsic RSUDEF 14A2025-09-250001628280-25-042772Section “Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025” · grants of plan-based awards table. Filing ↗machine: span 776725–776734
17Section 07, pay ratioDEF 14A2025-09-250001628280-25-042772Section “CEO Pay Ratio”. As printed: 327 : 1. Filing ↗machine: span 1014049–1014052
18Section 08, Roland A. HernandezDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 378,040. Filing ↗machine: span 1117732–1117739
19Section 08, William A. BurckDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 374,956. Filing ↗machine: span 1112903–1112910
20Section 08, Paul D. RyanDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 368,040. Filing ↗machine: span 1122615–1122622
21Section 08, Margaret “Peggy” L. JohnsonDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 354,956. Filing ↗machine: span 1120071–1120078
22Section 08, Chase CareyDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 354,956. Filing ↗machine: span 1115413–1115420
23Section 08, Tony Abbott ACDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 334,956. Filing ↗machine: span 1110587–1110594
24Section 08, Lachlan K. MurdochDEF 14A2025-09-250001628280-25-042772Section “Director Compensation”. As printed: 0. Filing ↗
25Section 06, 2025 voteForm 8-K2025-11-170001628280-25-052588Item 5.07 · say-on-pay result. As reported: 95.93% (votes for as printed: 192,375,927). Filing ↗
26Section 06, 2024 voteForm 8-K2024-11-190001628280-24-048415Item 5.07 · say-on-pay result. As reported: 93.11% (votes for as printed: 195,653,229). Filing ↗
27Section 06, 2023 voteForm 8-K2023-11-170001193125-23-279912Item 5.07 · say-on-pay result. As reported: 95.56% (votes for as printed: 198,747,570). Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Section 09b board cost (computed)ComputedcomputedCash 816,168 + equity 1,349,736 + all other 0 = 2,165,904, summed across the director compensation table rows.machine: formula: Σ = 2,165,904
31Warner Bros. Discovery, Inc., Section 10b CEO totalDEF 14A2026-04-300001437107-26-000046CEO total compensation as printed in Warner Bros. Discovery, Inc.'s own proxy. As printed: 165,009,366. Filing ↗machine: span 1634526–1634537
32Netflix, Inc., Section 10b CEO totalDEF 14A2026-04-160001193125-26-159286CEO total compensation as printed in Netflix, Inc.'s own proxy. As printed: 53,905,972. Filing ↗machine: r3 · c30 · span 622677–622687
33The Walt Disney Company, Section 10b CEO totalDEF 14A2026-01-220001744489-26-000013CEO total compensation as printed in The Walt Disney Company's own proxy. As printed: 45,842,574. Filing ↗machine: r3 · c27 · span 1324221–1324231
34Nexstar Media Group, Inc., Section 10b CEO totalDEF 14A2026-04-300001142417-26-000016CEO total compensation as printed in Nexstar Media Group, Inc.'s own proxy. As printed: 39,509,740. Filing ↗machine: r2 · c14 · span 1843852–1843863
35Comcast Corporation, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177138CEO total compensation as printed in Comcast Corporation's own proxy. As printed: 35,148,413. Filing ↗machine: r4 · c25 · span 1522252–1522262
36Fox Corp (subject), Section 10b CEO totalDEF 14A2025-09-250001628280-25-042772CEO total compensation as printed in Fox Corp's own proxy. As printed: 32,980,954. Filing ↗machine: span 656057–656067
37Live Nation Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-174146CEO total compensation as printed in Live Nation Entertainment, Inc.'s own proxy. As printed: 32,552,324. Filing ↗machine: r2 · c31 · span 714411–714421
38Sinclair Broadcast Group, Inc., Section 10b CEO totalDEF 14A2026-04-230001971213-26-000017CEO total compensation as printed in Sinclair Broadcast Group, Inc.'s own proxy. As printed: 10,824,228. Filing ↗machine: r5 · c36 · span 517565–517575
39Sirius XM Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-100001104659-26-041777CEO total compensation as printed in Sirius XM Holdings, Inc.'s own proxy. As printed: 8,012,795. Filing ↗machine: r2 · c53 · span 986498–986507
40Section 10a, Live Nation Entertainment, Inc. reciprocityDEF 14A0001193125-26-174146Live Nation Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
41Section 10a, The Walt Disney Company reciprocityDEF 14A0001744489-26-000013The Walt Disney Company's most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
42Section 10a, Sinclair Broadcast Group, Inc. reciprocityDEF 14A0001971213-26-000017Sinclair Broadcast Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
43Section 10a, Sirius XM Holdings, Inc. reciprocityDEF 14A0001104659-26-041777Sirius XM Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
44Section 10a, Netflix, Inc. reciprocityDEF 14A0001193125-26-159286Netflix, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
45Section 10a, Warner Bros. Discovery, Inc. reciprocityDEF 14A0001437107-26-000046Warner Bros. Discovery, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
46Section 10a, Paramount Global reciprocityDEF 14A0001140361-25-021135Paramount Global's most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
47Section 10a, Comcast Corporation reciprocityDEF 14A0001193125-26-177138Comcast Corporation's most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗
48Section 10a, Nexstar Media Group, Inc. reciprocityDEF 14A0001142417-26-000016Nexstar Media Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Fox Corp. Filing ↗