By Peter Preston

The prospect of Disney swallowing 21st Century Fox (AKA Mickey Mouse swallowing Rupert Bear) is real. Talks between the two giants are on again. Price alignment is being pursued. There are even tales that James Murdoch may emerge as Disney chief executive if the price match becomes a corporate love match.

But just concentrate on what may happen next if the deal is made. Sky TV, including Sky News, would be Disney-controlled. No competition and mergers policy there (which may be why the Competition and Markets Authority has asked for yet more time to make up its mind). Perhaps no one will need to ponder further because the shadow of Murdoch is lifted. But perhaps, too, Disney won’t want to keep Sky News – and its losses – going anyway. A zero-sum game of some sadness.

And watch News Corp, the separate and much less profitable part of the Murdoch empire. Would it make any sense to support it by keeping a few Australian cable assets churning? Is it wise to stake the rest of the Rupert pot on Fox News and US sports rights, both vulnerable to the tides of fashion? There all sorts of sharp questions to raise as Mr M puts a lifetime of business accretion on the block.