Every year, in the lengthy preamble of their annual earnings report, Fox Corp. lists a litany of “risk factors” that could adversely affect Rupert Murdoch’s remaining $18 billion empire. This portion of the S.E.C. filing, which runs twelve-and-a-half pages, includes all the usual external and internal vulnerabilities that burden most legacy media moguls, including but not limited to: “changes in consumer behavior” brought on by “evolving technologies and distribution platforms,” declines in ad spending, the potential loss of live sports rights, changes in macroeconomic conditions, and the customary legal, regulatory and cybersecurity concerns. In light of recent events at Fox News, the company’s primary economic engine, two other vulnerabilities stand out: “damage to our brands… or our reputation,” and “the loss of key personnel, including talent.”