So Rupert Murdoch, in his wisdom, has gone beyond Solomon, splitting his baby down the middle to "unleash ... [the] real potential" of his publishing businesses by creating "the most ambitious, well-capitalised and highly motivated publishing company in the world". But what does this mean for HarperCollins?

The "gut feeling" of HarperCollins CEO, Victoria Barnsley, is that this is all "good news". According to the Bookseller, she welcomed guests to her annual party, held last night, with the observation that "we will be a bigger fish in a smaller pond ... We will have more clout. I think we will have more investment, which will be good for all of us."

Last year Barnsley boasted that despite falls in print sales, 2011 had been HarperCollins's best year since 2008. But it remains to be seen whether a pond which includes the lossmaking Times and the New York Post and excludes Fox brands which account for roughly 90% of News Corp's operating profit is a healthy pond to swim in.