Los Angeles — After a lifetime building a media empire, Rupert Murdoch has to decide whether the changes roiling the industry are so daunting that he must tear his creation apart. Murdoch’s 21st Century Fox owns a movie and TV studio, a US broadcast network, a stake in Europe’s biggest satellite provider and cable channels such as FX and Star India — and it’s still dwarfed by Walt Disney and Comcast. Viewers are abandoning traditional pay TV in droves, putting pressure on Big Media to get even bigger to survive. That’s why Murdoch is entertaining the idea of selling some of his assets after decades of amassing TV and film properties. Disney, Comcast and Verizon have expressed interest in Fox’s studio, the Sky satellite stake and cable networks, according to people familiar with the matter. Fox would be left with properties including Fox News, the Fox broadcast network and perhaps sports channels, depending on the deal, the people said. Those assets are some of Fox’s most profitable,...

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