After News Corp. splits later this year, Chairman and Chief Executive Officer Rupert Murdoch's total target compensation will rise 15 percent, according to a regulatory filing on Friday.

The increase in compensation coincides with News Corp.'s planned separation of its publishing assets such as The Wall Street Journal and Times of London from its entertainment properties like Fox Broadcasting. Murdoch will be chairman of both companies.

The increase is based entirely on Murdoch's performance and long-term opportunity targets.

At News Corp. — the new name of the publishing company — Murdoch will receive an annual base salary of $1 million as well as a performance-based bonus and long-term equity incentives with a combined target of $4 million.

At the entertainment company, which will be known as 21st Century Fox, Murdoch's total compensation target is $23.3 million. That package includes a base salary of $7.1 million, a target bonus of $10.5 million and target long-term incentive opportunity of $5.7 million. He will also be chief executive there.

For the year ending in June, Murdoch's target total direct compensation is $24.6 million. He stands to make a total of $28.3 million during the next fiscal year.