Lachlan Murdoch just won control of his family’s two media companies , Fox Corp. and News Corp., after a fractious and much-scrutinized legal scrum among the eldest children of founder Rupert Murdoch. Now the hard part begins.

The Murdochs’ empire has thrived in the streaming era, even though Fox slimmed down by selling its cable and studio assets to Disney in 2019. Indeed, Fox is small compared to Netflix, Amazon, Disney or Apple, and would be dwarfed by the combination of other rivals, such as the potential pairing of Paramount and Warner Bros. Discovery that was hinted at in press reports by the former corporation last week. In short, Lachlan Murdoch takes unequivocal leadership of Fox as its competitors grow even bigger.

Fox has fared well because it has bet heavily on sports, new

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