News Corp CEO Robert Thomson's contract renewed through 2030
News Corp, the parent company to dozens of global newspapers, including the Wall Street Journal, on Sunday said it renewed the contract of its longtime chief executive, Robert Thomson, through 2030.
Why it matters: The price of News Corp's voting shares has increased 140% under Thomson's leadership.
Catch up quick: Thomson was named CEO of News Corp in 2013, when its publishing assets were spun out from its entertainment assets.
News Corp has since successfully overhauled its business for the digital era.
By the numbers: Digital accounted for 50% of the company's total revenue as of its 2024 fiscal year, compared to around 20% in 2014, the company noted in a regulatory filing announcing the extended contract.
The period between fiscal 2021 and 2024 have been the company's most profitable, it added.
Under Thomson's leadership, News Corp subsidiary Dow Jones has dramatically expanded its enterprise business, mostly through the acquisitions of professional data and analysis products, such as OPIS and Base Chemicals.
Zoom in: Thomson has been aggressive in pushing News Corp to adapt to the digital era by brokering deals with major tech platforms, while simultaneously advocating for reform to protect publishers.
Thomson famously struck a licensing deal with Facebook for its news content in 2019, after years of criticizing the tech giant for not paying publishers.
Most recently, News Corp struck a landmark licensing deal with OpenAI that's reportedly been valued at more than $250 million over five years. Months later, News Corp sued Perplexity, an AI search engine, for copyright infringement.
What they're saying: "Rupert and Lachlan Murdoch have adroitly sculpted a company that is passionate and principled and purposeful, and it is a profound privilege to serve as Chief Executive," Thomson said in a statement provided to Axios.
"For journalists, for authors, for society, for those who strive and aspire, these are times of immense challenge and boundless opportunity. Our leadership team is acutely conscious of an unwavering responsibility to our shareholders, and we are grateful for the sterling efforts of all our colleagues as we pursue profitability and seek to realise our vast potential."
"Robert has been instrumental in News Corp's growth and transformation, and his vision and leadership are extremely important as the company continues to navigate this era of rapid change," said News Corp chair Lachlan Murdoch.
"Robert has created exceptional shareholder value, orchestrated a meaningful transformation of our asset base, and made strategic investments in growth drivers like Dow Jones, Digital Real Estate Services and Book Publishing. He is a crucial voice in the fight for publishers and journalists in the digital age, and a strong advocate for intellectual property rights. I look forward to his continued leadership," he added.
Zoom out: The extension makes Thomson, 64, one of the longest-serving chief executives of a major global news brand.
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