Rupert Murdoch, like most media moguls, craves two things: money and influence.
What is so fascinating about last week’s proposed sale of Fox to Disney is that it demonstrates how much he values one over the other. Of course, this is not a deal that will make him any poorer – the Disney offer is strong, and Murdoch and other Fox shareholders will end up with an estimated 25% of one of the world’s largest media organisations – but this is a deal which sees him giving up a lot of control over profitable businesses, whilst retaining almost all his political influence.
As part of the deal, he is selling the Fox stakes in Sky and Sky News, despite fighting so hard to gain full control of the business. Even if Sky News is a loss-leader, Sky itself is extremely lucrative for Murdoch, earning him and his fellow Fox shareholders around £500m each year. But the deal