You have to speculate if you want to accumulate subscribers. The dictum is as true now as it was when Rupert Murdoch signed a $1.58 billion cheque to pay for the rights to screen NFL games on Fox in 1993, the first time the network had bid for gridiron.
“Did we overpay? Of course we did,” Murdoch said, a little over a year later. Fox wrote off $350 million on the four-year deal after just 12 months,...
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