9. RUPERT CASHING OUT BEFORE G-D CASHES HIM IN.
I’ve arguably spent a disproportionate amount of time musing about Rupert Murdoch than many others whose paths I’ve crossed. Maybe he earned that “distinction” because of the course of my career he’s probably paid me more in total salary, benefits and especially T & E than anyone else I worked for. 15 total years and lucking out having those having been in eras with much less beancounter oversight makes me virtually certain of that statement without a whole lot of file-searching.
But it also happens that between media and politics, not to mention romantic dalliances which would leave men half his age drained, he continues to make news. Hey, just last week we mused about what his next move might be in the wake of some obscure judge named Edward J. Gorman, Junior deciding that he was a very, very bad daddy.
But the speculation about what will happen to the FOX empire he built once he finally expires has been going on for a much longer period than just the window that Mr. Gorman was analyzing from his Nevada bench. We devoted yet another musing about a year and a quarter ago about how the real-life version of SUCCESSION is playing out with much more intrigue and unpredictability that the beloved scripted series did. For as well-written as the fictional scenarios were, it revolved around an almost anticlimactic act of G-d that saw Logan Roy merely die on a plane. Sure, actuarial tables would suggest that Rupert could likely follow suit. He’ll be 95 at the end of this coming May if he makes it–but considering his family history (mum made it to 103), that’s a prop bet I’d make if I could afford to.
And then this past weekend he’s back in the news, parting with yet another once-cherished asset, as BLOOMBERG’s Angus Whitley reported:
Rupert Murdoch’s News Corp. agreed to sell Foxtel Group to sports platform DAZN Group Ltd. in a deal that values the Australian pay-television and streaming service at A$3.4 billion ($2.1 billion).
The agreement announced Monday resolves the immediate future of a News Corp. business whose fate had looked uncertain for years. After dominating Australia’s pay-television industry from the late 1990s, Foxtel bled customers to Netflix Inc. and other new-generation rivals. The once-struggling business restored its appeal by adding its own streaming brands including Kayo and Binge.
Having sat in many strategy meetings where FOXTEL was consistently used as a model of what was possible as the company expanded its U.S. cable network footprint, I’m quite aware that this was an emotional attachment as much as it was a moneymaker. So finding someone with the street cred and spare change to shepherd it wasn’t a slam dunk. But this deal, as Whitley continued, seems to check off all of those line items:
DAZN, backed by billionaire Len Blavatnik, is a prominent player in the broadcast of live sports, holding multi-year rights for football and Formula One racing in several European markets. Launched in 2016, DAZN has won the main broadcasting rights deal for Ligue 1, France’s top professional football league, and also broadcasts National Football League games outside the US. Under the terms of the deal, News Corp. will own around 6% of DAZN and have a seat on the board, while shareholder loans of A$578 million owed to News Corp. will be repaid in cash. Minority Foxtel shareholder Telstra Group Ltd. will also sell its stake and own about 3% of DAZN.
Something that allows someone else to take over the business while at the same time keeping Murdoch around in some form for sh-ts and giggles. Moreover, one less asset for those liberal kids to share the wealth in.
So maybe Elon might be too controversial a choice in reality–besides, he seems to be a tad preoccupied with his other “job” at the moment–serving as puppetmaster for our incoming dict–er, president. And perhaps someone like Portnoy might not really have the kind of bucks that would be needed to keep FOX afloat.
But I do think more and more that the combination of financial opportunity, especially in a more deal-friendly environment, coupled with the personal motivation of sticking a red-hued finger in his kids’ eyes, could be enough to finally make Rupert motivated enough to sell FOX at some point in 2025.
Besides, there’s also the reality checks that both historic and current timelines play into that narrative. With Fat Orange Jesus safely reinstated for another four years, the relevance of FOX News is likely to diminish over the balance of this decade. And 2025 will also be 40 years since Rupes added FOX to the true passions of his empire–print journalism. The actuarial table of that industry is probably a lot closer to Rupert’s than even linear television. Those of his peers who are still actively in it who have the bucks might find at least some of the FOX assets worth throwing a few sheckels at. Heck, Jeff Bezos’ wife used to work there. Patrick Soon-Shiong has a daughter with her own aspirations. They seem to be more interested in family matters these days than Rupes.
So there’s a prediction for you. Along with this one. I highly doubt 2025 will elapse without yet another musing about Rupert Murdoch. Alive or otherwise.
Until next time…