News Ltd CEO Kim Williams is having the biggest day of his career. The man's already launched a $1.97 billion takeover of James Packer's Consolidated Media Holdings and, after breaking for lunch, will tell staff about his plans for a major restructure of the business.

With controlling stakes in Australia's highest rating TV network, Channel Seven, the nation's second-biggest magazine group, Pacific Magazines and The West Australian, the 71-year old tycoon should be a real power in the land.

It's a puzzle why Rupert Murdoch remains so keen for his eldest son to take over the family business, because Lachlan has never really looked like he would make a great fist of it.