Rupert Murdoch’s Fox Corporation, the owner of Fox News and the Fox television network, announced pay cuts to its executive ranks that will affect 700 employees as it worked to mitigate the effects of the coronavirus outbreak.

The Fox Corporation chief executive Lachlan Murdoch, the elder son of Rupert, made the announcement in a memo sent to the company’s 7,700 workers on Wednesday.

“While we don’t know exactly when we will return to normal and full operations across the company, we have decided to take several new actions to ensure that we remain strong and are well-positioned when this crisis recedes,” Lachlan Murdoch said.

He and the family patriarch will forgo their entire salaries through September, though most of their compensation comes from stock awards and bonuses. Rupert Murdoch makes $5 million in salary but his compensation tops $29 million with incentives and stock. Lachlan Murdoch makes $3 million in salary, with an additional $20 million coming from stocks and bonuses.