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CORRECTED-Rupert Murdoch to forgo his News Corp annual cash bonus

(Corrects to "Thursday" from "Wednesday" in paragraph 1)

May 7 (Reuters) - News Corp Executive Chairman Rupert Murdoch will forgo his cash bonus for the current fiscal year due to the impact of COVID-19 pandemic on business, the company said on Thursday.

Chief Executive Officer Robert Thomson will also forgo 75% of his annual cash bonus, the Wall Street Journal owner added. The collective cuts in bonuses and other cost initiatives will have a positive impact on the company's profitability and cash position, News Corp said.

Murdoch, who is also the chairman of Fox Corp, last month agreed to forgo his Fox salary through Sept. 30, in response to the coronavirus crisis.

(Reporting by Munsif Vengattil in Bengaluru)