Trump stumbled on Epstein, and Rupert Murdoch has pounced
Murdoch also needs these viewers if he wants to remain such a rich and powerful political force in the US.
It means Murdoch has had to draw careful battle lines between his own media fiefdoms.
News Corp offered the full-throated defence of the WSJ story: 'We have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit,' it said.
The WSJ doubled down, reporting that Attorney General Pam Bondi informed President Donald Trump in May that his name appeared multiple times in the government's files on Epstein.
The message from inside News Corp is Rupert and Lachlan Murdoch are determined not to cave in to Trump and will go to court if necessary.
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The Washington Post quoted Rupert telling associates: 'I'm 94 years old, and I will not be intimidated.'
Meanwhile at Fox, the lawsuit and allegations have warranted a tepid mention at best.
Australian columnist Miranda Divine, now at News Corp's Republican mouthpiece, the New York Post, described the WSJ reports as a 'nothingburger'.
And if this delicate dance can be maintained, it will be lucrative for Murdoch.
Both News Corp and Fox shares hit record highs in February, just weeks after Trump's inauguration.
And there was no hiding Trump's role in the success of Fox News – the most profitable Fox Corp business – when Lachlan presented its most recent quarterly results in May.
'Nowhere is Fox's leadership more evident than Fox News,' he told analysts and investors. Ratings were up 30 per cent for the network in April, and it clinched top spot on prime-time ratings last week over mainstream networks such as CBS and ABC.
This is a feat unheard of for a cable news network. 'The momentum that we're seeing within Fox News, obviously driven first by really sort of record-setting audience and share, that's flown through nicely to the revenue line,' Lachlan said.
The problem for Rupert is that pandering to his Fox audience means pandering to Trump, and he has never been a fan of Trump's political aspirations.
Murdoch publicly supported other candidates during the 2016 campaign before embracing Trump when his candidacy became inevitable.
He has tolerated Trump's White House, and maintained close ties, but quickly tried to move the Republican base on to fresh leadership after the 2020 election loss.
Murdoch said at the time: 'We want to make Trump a non-person.'
That manoeuvre ended badly when Fox's acceptance of the result led to viewers defecting in droves to channels more loyal to Trump's claims that the election was stolen.
It promised to be a financial disaster and Fox scrambled back into favour with an about-face supporting the stolen election theory. It is still counting the cost.
In 2023, Fox paid Dominion Voting Systems $US787 million to settle claims the network promoted lies about the 2020 presidential election.
It still faces a multibillion-dollar lawsuit from another voting systems provider, Smartmatic, which will go to court next year if Fox does not make an offer to settle.
For Murdoch, the Epstein scandal serves as another opportunity to test Trump's hold on the Republican Party, and it should not prove as costly as the $US10 billion Trump headline suggests.
A quick look at the details of his case reveals problems, starting with the fact that it appears to fall over at the first hurdle of failing to notify the WSJ of the lawsuit at least five days before filing it.
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But that is the least of Trump's issues.
'The complaint is full of sound and fury but lacks legal merit,' Leonard M. Niehoff, a University of Michigan law professor who specialises in media law, told The Washington Post.
'It shouldn't intimidate a news organisation with good lawyers. The Wall Street Journal has those.'
The high hurdles for Trump include having to meet the 'actual malice' standard which means proving the WSJ knew the information they published was false.
Ironically, this is what Fox was accused of doing in promoting Trump's stolen election claim in 2020.
That legal battle taught Murdoch a lesson on the damage that can be done by the legal discovery process, which produced embarrassing and costly revelations – including the contempt both Murdoch and Fox held for Trump's stolen election claims and the man himself.
A text surfaced from Tucker Carlson – a Fox network star at that time – referring to Trump saying, 'I hate him passionately'.
If Trump continues to pursue this case, the legal discovery process on his relationship with Epstein could further inflame his support base.
A clear opportunity to fatally damage Trump's political standing with the Epstein scandal could be the avenue Murdoch is looking to exploit.
And if it doesn't damage Trump? Both men are ruthlessly transactional and have made up before.
'We don't want to antagonise Trump further,' Murdoch said in a memo uncovered by the Dominion case.
Murdoch explained in a later deposition relating to that matter: 'He had a very large following, and they were probably mostly viewers of Fox, so it would have been stupid.'
And we know Trump's proven ability to chicken out and distract.
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As he posted to Truth Social followers this week, survival comes first.
'Winning is important, but survival is even more important. If you don't survive, you don't get to fight the next battle.'
Wise words for both sides as his latest battle with Murdoch gathers a head of steam.
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