Hot stock

This month, Murdoch lured another of his former management favourites back into the fold by appointing Chase Carey as Chernin's replacement. Carey had been running the US satellite pay TV group DirecTV, which was previously owned by News Corp until Liberty Media's John Malone manoeuvred it - and Carey - out of Murdoch's grasp.

Running the finger down the News Corporation board of directors list gives the casual onlooker something of a trailer view of the full-length feature. With one or two possible exceptions, the cast resembles the posse of a John Wayne movie where each and every man is a hand-picked loyal deputy. Carey fits the mould perfectly.

But News Corp is more Bonanza, where Murdoch rides the Ponderosa Ranch with his eclectic sons. Indeed, the Chernins and Careys of this world are really bit players to the subplot in the chief executive succession saga.

The outlook The battle for the CEO seat, if and when Murdoch vacates it, is a fascinating duel between sons Lachlan and James, with daughter Elisabeth on the sidelines but not to be discounted as a contender.

As things stand, most pundits are looking to James as the heir apparent given his stellar performance as CEO of British pay TV subsidiary BSkyB and his subsequent promotion to chairman and CEO of Europe and Asia.

He is also on the News Corp board. During his time at BSkyB, James transformed the company from the leading pay TV business into an integrated triple-play business with phone, broadband and pay TV services. BSkYB is among the largest broadband internet providers in Britain and is the dominant player in the pay TV market.

Lachlan, on the other hand, after a well-publicised falling out with senior News Corp executives, returned to Australia. Although he independently tried to snare some key media assets, Lachlan has yet to show any inclination towards returning to News Corp, especially with the likes of Roger Ailes still looming in the background.

Elisabeth has established her own successful film and television production business, Shine. She has the nous and connections to build a substantial business but prefers to remain outside the News Corp machinery for now.

Price As with most companies, News Corp has recovered from its March low of about $9 and has been trading between $13 and $15 recently.

Worth buying? As a media business, News Corporation has been tarred with the same brush as most other advertising-reliant businesses. But this misrepresents its primary earnings source.

In fact, News Corp is a purveyor of content, with a minority of its earnings derived from advertising.

As the information and entertainment world moves online, the owners of premium content will inherit the media mantle. Whether James, Lachlan or Elisabeth will be at the helm is yet to be determined. Regardless, News Corp looks to be good value now for those with a longer-term view.