The Murdochs put their faster-growing businesses like Fox News Channel in 21st Century Fox and its slower-growing publishing assets like theinto News Corp. The characteristics of Fox and News Corp haven't changed in the years since the split: Shares of News Corp have slumped more than 30% over the past five years, underperforming the broader S&P 500, which gained 52% during that same time period.
Moreover, integrating News Corp's papers into Fox would be a headache that Fox would rather avoid. Indeed, the Murdochs have Fox recently invested $235 million in a startup called Stars Group and plans to debut the Fox Bet wagering app this fall, becoming the first media company to form such a partnership. Gambling is expected to morph into a “growth category” in both local and national television. The same couldn’t be said for newspapers, which legendary investors Warren Buffett recently declared to be"toast.