He’s back. James Murdoch -- the only Murdoch to show any sign of independent thinking -- is about to return to the near-mainstream media. According to the Financial Times and other reports, Murdoch’s new investment group Lupa Systems has agreed to inject funds (“a small interest” is how FT described it) into Vice Media -- the somewhat tattered "new media" start-up from Canada which soared to a valuation of US$5.7 billion only to skid back to earth in a series of dud deals, revenue shortfalls and cost blowouts that saw more than US$2 billion wiped from its value.

The reports say it would be the largest of a series of small investments Lupa has made since Murdoch left the family’s main company, Fox, earlier this year.