News Corp splits publishing from entertainment (2013)
Rupert Murdoch divided News Corp, separating declining newspapers from the faster-growing film and TV assets that became 21st Century Fox. Investors had pushed to stop the print business from dragging on the whole.
The entertainment arm commanded a higher valuation once freed from newspapers.
It showed how media owners shed structurally shrinking units to protect the value of the growing ones.
The same pattern is at work: cable is now the declining asset that companies like Disney want to separate from their growth engines.
