James Murdoch’s pay announced

James Murdoch, son of media mogul Rupert Murdoch, will receive a base salary of $3.4 million and could earn an additional $16 million in annual bonuses as part of his promotion to News Corp.’s head of Asian and European operations, the company said.

Murdoch, viewed as the likely heir to the media empire, will also be eligible for an incentive plan under which he could be granted performance-based or discretionary equity awards.