So the question becomes: How can News Corp. best convert attention into money?

It's too easy to say "If you can't make money from attention, you should do something else for a living." That's exactly the problem. They make piles of money out of attention, just not at the margins they have historically.

It is an intractable position, perhaps impossible. However, history has not looked favorably upon leaders who do nothing and watch their empire and margins shrink even if it is the only option. These times demand bold blunders.