Ever since he started the Hearstian buying spree that made his News Corp. the world's most diverse media company, rivals have been waiting for Rupert Murdoch to overreach and fall. They mocked his ambition to become the first press lord to bestride three continents: Europe, North America and his native Australia, where his holdings account for 60% of total daily-newspaper circulation. They belittled his free-spending plunge into book publishing. They scoffed when he spent more than $2 billion for seven U.S. TV stations, plus a movie studio to provide programs, for his high-risk start-up of the Fox TV network. They predicted...
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