Rupert Murdoch has a few things in common with Warren Buffett. They are both 81, they both love newspapers and they both run public companies named after their worst investments from the past. Mr Buffett’s is Berkshire Hathaway, a New England textile company, Mr Murdoch’s is News Corp.

The difference is that Mr Buffett still has sufficient credibility with his investors to keep on acquiring newspapers out of a blend of old-fashioned enthusiasm and an eye for a bargain. Mr Murdoch does not and the restructuring of his company is an admission of this defeat.

In the hands of a media mogul such as Sumner Redstone or John Malone, who shuffle assets and balance sheets without a second thought to boost the value of their stakes, the News Corp split would be a convenient tactic. For Mr Murdoch, breaking up News Corp is as wrenching as dividing his entertainment head from his newspaper heart.