There may be no such thing as a free lunch, but it seems in the media sector, everything else is losing its price tag.

Some off the cuff remarks by Peter Chernin, COO of Newscorp, at a recent US investment conference had the Street murmuring that Murdoch might soon make a big play in the videogame space.

The last time the US cable industry played musical chairs - the theme was convergence. Despite an antiquated network and a crushing regulatory regime, TCI managed to sell to AT&T in the late nineties on the dream of a single high tech network that could provide everything from movies on demand to phone calls. What the telco giant didn't realise, was just how many billions it would take to upgrade the cable network to do just that.