"We believe that the publishing unit has outlived its usefulness as a cash cow."
"We are impressed with the fact that News Corp's publishing business is still more profitable than other similar firms. However, we can admit that print media is at best a cash cow and at worst, a declining business."
And he/she concludes that, even without hacking, "it would make sense to sell or spin off the publishing division to allow shareholders direct exposure to News Corp's higher profit, higher growth entertainment properties…
"While the entertainment group assets… are more desirable to us than the publishing assets… we're not surprised that the publishing division is content to muddle along in the mediocre operating environment for publishing assets."
Then the analyst finishes by registering surprise at Murdoch's decision to include News Corp's Australian pay-TV assets in the new publishing division.