James Murdoch's 2008 pay could near $20 million

NEW YORK, Feb 14 (Reuters) - James Murdoch, son of media mogul Rupert Murdoch, will receive a base salary of $3.4 million and could earn another estimated $16 million in annual bonuses as part of his promotion to News Corp's (NWSa.N: Quote, Profile, Research) head of Asian and European operations, the company said on Thursday.

Murdoch late last year was picked to become chairman and chief executive of Europe and Asia at News Corp, taking charge of its broadcasting, print and Internet divisions, including Hong Kong-based Star TV, Britain's Sun newspaper and Sky Italia.

Murdoch is viewed as the likely heir to his father's vast global media empire some day.

In a U.S. regulatory filing, News Corp said Murdoch's pay in his new job would amount to the $3.4 million base salary; a cash bonus of up to $3.4 million based on the performance of his operating divisions; and a cash and stock bonus of up to $12.5 million based on News Corp's earnings.

In addition, Murdoch will be eligible to participate in a long-term incentive plan under which he could be granted performance-based or discretionary equity awards. (Reporting by Paul Thomasch; editing by Jeffrey Benkoe)