The latest quarterly results from News Corporation contain compelling evidence about why the company is hiving off its publishing businesses into a separate company and going it alone with the rapidly growing content and distribution operations: publishing is a millstone around the revenue and earnings lines of News' financial account.

It's a pyrrhic result for Rupert Murdoch in a way. He has fought off his critics in the UK and elsewhere (we are still waiting for the US Justice Department and FBI to complete their probes of the UK breaches) of the way he has run, and allowed his trusted executives to manage, his newspapers. But he'll lose those newspapers for cold, hard financial reasons.