MEDIA MOGUL'S WEALTH AN ENIGMA; FORBES ESTIMATE IS $3.2 BILLION : RUPERT'S WORLD.

Byline: Gregory J. Wilcox Daily News Staff Writer

By any accounting standard Rupert Murdoch is rich.

Media baron, global empire scion, kind of rich.

There are few places on the planet where someone could read a book, magazine or newspaper or watch a movie or television show without contributing to Murdoch's bottom line.

He's boxed the compass with his bank balance.

Murdoch controls an eclectic enterprise, Sydney, Australia-based News Corp. Ltd., whose holdings include the Rural Post in Queensland, Australia, and the New York Post in Manhattan; the Times of London and News of the World in Great Britain; and TV Guide and the Times Scottish Educational Supplement.

He's even carried the fight for media supremacy to the final frontier through News Corp.'s acquisitions of satellite broadcast systems.

But only Murdoch, his accountants and the tax man know the true bottom line.

Forbes magazine, which tracks the fortunes of super rich, estimates Murdoch's wealth at $3.2 billion based on a News Corp. stock price in the 20-7/8 range last August.

Murdoch's family owns a 31 percent stake in News Corp., so the fortune rises and falls with the stock's performance. Lately it's been sinking.

News Corp.'s stock price fell from a recent high of 21-7/8 in late February to 17-1/4 in late May. Then it rebounded to the $18 range.

It closed Monday at 18-7/8, up -7/8.

The drop came in response to Murdoch's failed attempt to acquire the EchoStar direct broadcast system.

Peter Newcomb, an editor at Forbes magazine, said the stock drop has driven Murdoch's fortune down to about $2.85 billion.

``We know he has at least $100 million to $120 million in assets outside News Corp. stock,'' he said.

His salary, though, is a matter of speculation.

While News Corp. is a public company, it is incorporated in Australia where the disclosure rules regarding executive pay are not as liberal as those in the United States.

U.S. rules require public companies to file proxy statements that list compensation packages for top executives.

It is much different in Australia. News Corp.'s 1996 financial report for the fiscal year ended June 30 lists compensation ranges for the company's top directors and executives but does not identify them by name. It simply lists the number who are being paid within a specific salary range.

One of them earned between $8.79 million and $8.799 million in Australian dollars during 1996.

Was it Murdoch?

News Corp. officials won't say. Keelin Kavanagh, a company spokeswoman, declined to provide any information beyond what is in the financial report.

But it is not really unusual for companies, foreign and domestic, to blur the contents of their top bosses' pay envelopes, said Graef S. Crystal, an executive compensation expert and publisher of the Crystal Report, which examines salary issues.

``Industry plays the most dishonest game in this area,'' he said.

Since Murdoch is News Corp.'s top guy it would be easy to assume he draws the biggest paycheck. Crystal isn't so sure that is the case.

``If I had to bet it would be that he doesn't pay himself very much,'' Crystal said. ``He's not a regal guy.''

Crystal bases this assumption on a close encounter he had with Murdoch in the mid-1980s when he was a consultant to Barry Diller, at the time head of Twentieth Century Fox and a News Corp. subsidiary.

``I was giving Diller a presentation and he said that Rupert was in town and not to be surprised if he showed up, just keep on talking,'' Crystal recalled. ``Well, he (Murdoch) slipped into the meeting in his shirt sleeves, listened for a while, asked me a couple of questions, shook my hand and left.''

Murdoch's style, Crystal notes, is more along the lines of Warren Buffet or Bill Gates, both wealthy businessmen who pay themselves modest salaries.

``He probably pays himself more in the Buffet mold, $300,000 to $500,000 and no options. They are worth so much they can say they don't need anymore and in that sense they are a terrific buy for the shareholders,'' Crystal said.

Again, this is just a guess.

Forbes' Newcomb concurs that Murdoch could take home a relatively modest paycheck because he realizes about $7 million a year in dividend payments.

But he's not hurting for cash. ``Rupert travels well and he lives well,'' Newcomb said.

News Corp. owns a company jet, which puts the far-flung empire within easy reach. But Murdoch did not order one until he arrived at Aspen's airport in the late 1980s only to discover that his studio head Diller had beaten him into town in his own private jet.

He also bought a 158-foot yacht called Morning Glory.

Murdoch's real estate holdings are a bit more extensive, including homes on three continents.

The family's primary residence now is a Spanish-style hilltop home in Beverly Hills.

He also has a sprawling ranch in Carmel, a vacation home in Aspen that has a swimming pool in the living room, and a 2,800-sheep ranch in Australia.

Corporate acquisitions, though, can sometimes seem to be impulse buys.

Murdoch once paid $525 million for a 64 percent stake in the Asian Star satellite system without getting permission from News Corp.'s board.

Not a surprise, notes Arthur Rockwell, an analyst who follows News Corp. for Yeager Capital Investments in Los Angeles.

``Rupert runs it like an autocrat so there is nothing surprising,'' Yeager said.

If you read or watch something, chances are you are contributing to media mogul Rupert Murdoch's bottom line. He's a roundup of his vast holdings:

Television

United States

Fox Broadcasting Co.

Fox Entertainment

Fox Childrens Networek

Fox Sports

Fox Television Stations

WNYW - New York, N.Y.

KTTV - Los Angeles

WFLD - Chicago

WTXF - Philadelphia, Pa.

WFXT - Boston, Mass.

WTTG - Washington, D.C.

KRIV - Houston, Tex.

KDVR - Denver

KSTU - Salt Lake City

WHBQ - Memphsis

WGHP - Greensboro, N.C.

WBRC - Birmingham, Ala.

New World Television Stations

KDFW - Dallas

WJBK - Detroit

WAGA - Atlanta, Ga.

WJW - Cleveland

WTVT - Tampa

KSAZ - Phoenix

KTVI - St. Louis

WITI - Milwaukee

WDAF - Kansas City, Mo.

KTBC - Austin, Tex.

Australia

Seven Network (15% stake)

Japan

Obunsha (50% stake)

TV Asahi (21.4% stake)

Cable and Satellite Television

United States

ASkyB (50% stake)

FOX/Liberty Media joint venture (50% stake)

Fox Sports Net (9 regional cable sports channels)

fX

Fox Sports International

Fox Kids Worldwide (50% stake)

Fox News Channel

fXM: Movies from Fox

United Kingdom

British Sky Broadcasting (40% stake)

Sky Multi-Channels (21 channels including the following in which BSkyB has an economic interest)

Sky One

Sky News

Sky Soap

Sky Travel

Nickelodeon U.K. (50% stake)

The History Channel (50% stake)

Paramount (25% stake)

QVC (20% stake)

Premium Channels

Sky Movies

The Movie Channel

Sky Sports

Premium Bonus Channels

Sky Movies Gold

Sky Sports 2

Sky Sports 3

Germany

Vox (49.9% stake)

DF1 joint venture (49% owned by BSkyB)

Latin America

Sky Entertainment Services (-30%)

Canal FOX

Australia

FOXTEL (50% stake. 31 channels in which FOXTEL has an economic interest)

Arena (50% stake)

FOX

Fox History

Fox Soap

Fox Talk

Fox Travel

FOXTEL Weather

fX

Nickelodeon (25% stake)

red (50% stake)

thecomedychannel (40% stake)

UK TV (50% stake)

FOX Sports (50% owned by by News Corp.)

Sky News Australia (33-1/3 stake owned by News Corp.)

Sky Channel (50% stake)

Asia

STAR TV

STAR Chinese Channel

STAR Plus

STAR Sports

Channel (V) (50% stake)

Pay Channels

STAR Movies

STAR Plus Japan

Viva Cinema (50% stake)

Asia Today Ltd. (50% stake)

ZEE TV

ELTV

Pay Channels

ZEE Cinema

Phoenix Satellite Television Co. Ltd. (45% stake)

Phoenix Chinese Channel

Japan

JSkyB (50% stake)

Filmed Entertainment

United States

Fox Filmed Entertainment

Twentieth Century Fox

Fox 2000

Fox Searchlight

Fox Family Films

Fox Animation Studios

Twentieth Century Fox Home Entertainment

Twentieth Century Fox Television

Australia

Fox Studios Australia

Book Publishing

United States, United Kingdom & Australasia

HaperCollins Publishers

Newspapers

United States

New York Post

United Kingdom

The Times

The Sunday Times

The Sun

News of the World

Australasia

National

The Australian

New South Wales

The Daily Telegraph

The Sunday Telegraph

Sportsman

Cumberland Newspaper Group (20 various titles -Sydney suburbs and regional)

Victoria

Herald Sun

The Weekly Times

The Sporting Globe

Leader Newspaper Group (30 various titles - Melbourne suburbs and regional)

Queensland

The Courier-Mail (41.7% stake)

The Sunday Mail (41.7% stake)

Gold Coast Bulletin Group (41.7% stake)

Gold Coast Bulletin

Gold Coast Sun

Hinterland Sun

The Cairns Post Group (41.7% stake)

The Cairns Post

Tablelands Advertiser

Pyramid News

Douglas Times

Northern Beachcomber

Travel Cairns

Rural Post

North Queensland Newspaper Group

Townsville Bulletin (8 regional titles)

Quest Community Newspapers (17 titles in Brisbane region)

Northern Territory

Northern Territory News

Sunday Territorian

Centralian Advocate

The Suburban

Tasmania

The Mercury

The Sunday Tasmanian

Tasmanian Country

Treasure Islander

Derwent Valley Gazette

South Australia

The Advertiser

Messenger Press Group (11 titles in the Adelaide suburbs)

Western Australia

Sunday Times

New Zealand

Independent Newspapers Ltd. (125 daily, weekly and suburban

newspapers in New Zealand, Australia

and the United States)

Fiji

The Fiji Times

Nai Lakakai (Fijian language)

Shanti Dut (Hindi language)

Papua New Guinea

Post Courier (63% stake)

Magazines and Inserts

United States

TV Guide

The Weekly Standard

News America FSI

News America In-Store

Canada

News FSI Canada

Coupon Clipper

Plan and Save

United Kingdom

The Times Educational Supplement

The Times Literary Supplement

The Times Scottish Educational Supplement

Australasia

Pacific Islands Monthly

Pacific Magazine & Printing (18 weekly and monthly magazines in Australia,

New Zealand and Europe. 24 commercial

printing plants in Australia, New Zealand

and Asia)

Technology

United States

iGuide

Kesmai Corp.

News Advanced Technologies

News Internet Services

United Kingdom

Delphi Creative

News Digital Systems Ltd.

Digi-Media Vision Ltd.

News Datacom Ltd.

News Eye Q (50% stake)

News Multimedia Ltd.

Australasia

News Interactive

PDN Xinren Information Technology Co. Ltd. (50% stake)

Other Operations

United States

News America New Media

Australasia

Ansett Australia (50% stake)

Ansett New Zealand (50% stake)

Australian Newsprint Mills (46.2% stake)

Broadsystem (Australia)

Circular Distributors, New Zealand (26% percent stake)

Computer Power (20% stake)

Festival Records

F.S. Falkiner & Sons

Lanray Industries (41.7% stake in Sunshine Plandation)

Mushroom Records (50% stake)

Super League

United Kingdom

Broadsystem Ltd.

Convoys Group

Sky Radio (71% stake)

Source: News Corp. 1996 annual report. (Fiscal year ends June 30 so this is the most current compilation of Murdoch's worldwide holdings. It does not include 1997 pending acquisitions such as International Family Entertainment, Heritage Media and the Los Angeles Dodgers.)

CAPTION(S):

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BOX: Rupert's World (see text)