Neil Chenoweth

Talk about unfortunate timing. On 10 December 2012, the New Yorker ran a lengthy profile on Elisabeth Murdoch, the older sister of Lachlan and James. Elisabeth, forty-four, lives in Britain, where – while her siblings have been marked down for everything from, in Lachlan’s case, One.Tel to Ten Network and, in James’s case, MySpace and phone hacking – she has quietly built a reputation as a savvy television producer and businesswoman. The profile is a public relations hosanna – unsurprising given that Elisabeth’s husband, Sigmund Freud’s great-grandson Matthew Freud, is a flack with his own PR firm – with the title declaring its subject to be, in capital letters, THE HEIRESS. The subheading simply states: ‘The rise of Elisabeth Murdoch.’

In the last week of June, after a period in the doldrums, the News Corporation share price suddenly took wing again. Buyers piled in. A lazy few hundred million dollars were added to the company’s value. The basis of the revaluation? Apparently, Rupert Murdoch himself had descended from Olympus to participate in a presentation to sharebrokers in Sydney. Enraptured at this visitation, analysts had upped their profit projections for News.