In a surprise move, he will become the new chief executive of newspaper group Trinity Mirror, which has struggled with falling newspaper sales and a weak advertising market. But despite the slightly left-field appointment (Fox has little experience of newspapers), investors were happy. Trinity Mirror shares rose 4.8% on Thursday, the day the news was announced.
Trinity Mirror is also treading cautiously with Fox’s pay. The company's former CEO Sly Bailey received £1.8m last year, much to the anger of shareholders and staff at a time when the firm was axing jobs and freezing salaries. Fox will get a base salary of £500,000 (although he’ll also get cash allowances and a £600,000 share option as a ‘golden hello.’