James Murdoch, CEO and Chairman of News Corp. Europe & Asia, has declined his bonus as a result of the phone hacking scandal that deepened under his watch. Murdoch was set to receive a bonus of $6 million, raising his overall compensation to $18 million.

As part of his duties, Murdoch, son of News Corp. Chairman and CEO Rupert Murdoch, oversees News International, the media conglomerate's British publishing arm that ran the now-shuttered tabloid News of the World.

Murdoch released the following statement Friday:

"In light of the current controversy surrounding News of the World, I have declined the bonus that the company chose to award to me. While the financial and operating performance metrics on which the bonus decision was based are not associated with this matter, I feel that declining the bonus is the right thing to do. I will consult with the Compensation Committee in the future about whether any bonus may be appropriate at a later date."

As that final sentence suggests, Murdoch may collect the bonus later.

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http://www.reuters.com/article/2011/09/02/idUS235193620110902