So MySpace founders Chris DeWolfe and Tom Anderson have agreed to a new contract with News Corp after waging a very aggressive (some would term it rather fanciful) compensation proposal to owner News Corp. I reported back in June they were asking Peter Chernin and Rupert Murdoch for a 2-year deal worth $50 million total. That comes out to $25 million each, or $12.5 million a year. Plus, the pair want a development fund of $15 million to invest in internet companies. Even though MySpace is probably the most integral part of News Corp’s overall corporate strategy, no one had obviously told DeWolfe or Anderson that News Corp is also one of the cheapest companies on earth when it comes to executive compensation. They know it now. I’m not yet privy to the particulars of the new contract, but I was told by News Corp insiders back then that the chances of DeWolfe and Anderson getting what they wanted pay-wise was “slim to none” and “highly unlikely”. I understood News Corp countered with an offer of $15 million each spread over 2 years — still more than every suit at News Corp except Ailes. Rupe also gave the duo equity in MySpace China, so they already got a deal unlike anyone else’s. See my previous, MySpace Pair Looking To Loot News Corp.
News Corp Re-Signs MySpace Founders
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