Rupert Murdoch sells Fox value and keeps the friction
The New York Times published an interesting look inside the folding of 21st Century Fox into the Walt Disney Company:
For a time Mr. Murdoch’s enterprise looked like an entertainment company with a newspaper problem, with glitzy Hollywood assets and lucrative Fox News keeping Mr. Murdoch’s true love, printed papers, afloat.
But 21st Century Fox soon faced the same economic headwinds affecting other traditional media companies that have been disrupted by the rise of digital: customers cut the cable cord and streamed TV shows and movies on multiple devices. At the same time, Fox News, the highly rated basic cable channel and a big moneymaker, has suffered setbacks after a series of sexual harassment allegations at the network led to high-level departures and costly legal settlements.
Murdoch has chosen to keep his favorite toys; the print and broadcast parts of his empire. But to my eyes, Fox's long term value now belongs to Disney, namely its content creation and streaming businesses.