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It is Tuesday, November 14th.

This week marks a major milestone in the media and entertainment business. Rupert Murdoch is retiring.

I hope he gets a nice gold watch. I'll actually put retiring in scare quotes because Lachland Murdoch,

Rupert's son and the CEO of Fox Corp, which is the parent company of Fox News, Fox Sports,

and the Fox TV network. He said Rupert will still be very involved in the company, and I believe that.

But the dude is 92, and while he built one of the biggest and most influential media empires of all time, he sold most of it to Disney in 2019 for $71 billion, a deal that increasingly looks like a great one for the Murdox and not such a great one for Disney, or at least the Disney balance sheet.

The remaining Fox is interesting because it's pretty small, but it isn't losing billions on a general interest streaming service like the other media companies.

Most of its revenue comes from Fox News, which of course has many, many issues,

but it continues to generate more than a billion dollars in profit each year. It's also got

NFL rights until 2033, an eternity in the TV business. And while it has largely set out

these streaming wars, Fox does own Tooby, one of the leading free ad-supported TV services, which is growing

pretty fast. Moffat Nathanson, the research firm, put out a note a couple weeks ago after earnings.

Quote, Fox falls into a category unto itself. Even as the linear world changes dramatically around

it, we feel Fox's situation is more or less unchanged and arguably continues

to even improve, end quote. But what's the long-term plan for Fox? The Murdox haven't really said,

and just riding out the cable TV bundle into the ground probably isn't a recipe for longevity.

We've done shows about the legal and moral problems at Fox News and about succession battles within the Murdox, but that's not today. Today I want to do pullback and talk about the business of Fox. So I asked Brian Stelter to come on the show. Brian is a media savant. He was at the New York Times and then CNN, where he hosted the reliable sources show for CNN and CNN Plus, R-I-C-C-N-P-N-plus.

He launched the popular newsletter reliable sources as well, and he's reported a ton on Fox, Fox News,

the disinformation that led to the $800 million settlement in the Dominion case.

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