At 86 years of age Rupert Murdoch says he is embarking on a new corporate beginning.
Having sold the majority of the entertainment assets he built over the past 40 years to Disney, he is pitching the management of the remaining assets - called NewFox - as a rebirth.
Well, that's the sales pitch.
To investors and media observers the reality looks different. The shrunken NewFox (which could be more aptly named RemnantCo) looks more like a giant Murdoch self-managed superannuation scheme.
It will apparently have a chunky cash flow, pay limited tax, boast a conservative balance sheet and pay its shareholders (dominated by the Murdochs) a handsome stream of annuity-type earnings.
It will have all the characteristics of a traditional media company and it will be ultimately run by Murdoch's older son, Lachlan - who like his father is all about news rather than movies or television programming.
The entertainment assets, in which younger son James has had the real interest, will become part of the enlarged Disney company.
Despite plenty of rumours over the past couple of weeks, there are no guarantees that James will have a desk over at Disney, and there's absolutely no suggestion that he is in line to run it.
Instead, a deal has been done to prolong the reign of the current Disney boss, Bob Iger, until 2021.
And no one is suggesting that James will remain with NewFox. It is more likely that he will go out on his own, much like his sister Elisabeth did.
Under the terms of the deal just announced, the Murdochs will have no say in the operations of Disney and will own less than 5 per cent of its ordinary shares.
The market had been expecting a different structure. Instead of Disney paying 21st Century Fox for the assets - giving the Murdoch-controlled company a 25 per cent stake in Disney - the Disney shares go directly to its shareholders.
Cashed in his chips
So Murdoch has cashed in his chips and dealt himself out of any say in the operations of Disney. There is no certainty that the family will even retain that stake.
The Murdoch empire's future is now all about NewFox, but extolling its credentials as a growth company, it was the 86-year-old's record that was being used.
Murdoch told investors NewFox would be "a growth company centred on its live news and sports brands".
"Those of you who know me know I am a news man with a competitive spirit'.
"When we launched Fox News, the consensus was there was no appetite for another cable news network. Well, they were wrong," he said.
"We were written off when starting the Fox broadcast network by people saying ???there was no need for fourth television network'.
"Same with Fox Sports," Murdoch said as he hammered the point that his legend is all about disproving the conventional wisdom.
He said he knew people were wondering why the Murdochs came to such a momentous decision and were questioning whether this was the media dynasty retreating.
"Absolutely not - we are repivoting at a pivotal moment," Murdoch insists.
Moving from buyer to seller
These are fighting words and no one can dispute Murdoch's success in building businesses.
But digital disruption has changed the nature of the industry in which the Murdochs operate. Indeed this is precisely why the deal with Disney makes sense.
The entertainment assets 21st Century Fox sold are the content jewels that are valuable in the new media world.
Murdoch has clearly recognised this and cashed in. This marks the real pivot for Murdoch - moving from a buyer of assets to a seller.
If there are any new assets to be built within NewFox, it will need to Lachlan's job.
At 86, Rupert can't be relied on to do much more that reap the rewards of decades of hard work - much like a superannuant.
