The 86-year-old media moguls play is based on the fact that sports and news still attract viewers watching in real time - and the advertisers that want to reach them - even as more people watch their favorite shows on demand after they air or online, skipping commercials completely.Are we retreating Absolutely not, Murdoch told investors on Thursday. We are pivoting at a pivotal moment.Disneys 52.4 billion purchase of TwentyFirst Century Foxs (FOXA.O) film, television and international businesses, announced earlier on Thursday, leaves Fox with a smaller but more focused set of assets, based on Fox News Channel - the U.S No 1 news cable network - and its broadcasts of sports such as National Football League and Major League Baseball.Murdoch, who started in the news business 65 years ago when he inherited his fathers newspaper, is keen to adapt to new ways of reaching customers. The new Fox will keep the technology it has been working on and is developing an online streaming video service to boost online audiences for its programs, executives said.The new Fox will be about a third of the size of what it is now, with about10 billion in annual revenue, company executives said. If investors value the new company with the same or a greater multiple as the current Fox, it would suggest a market value of at least20 billion.