Sure, right-wing tabloids are a market niche that News Corporation specializes in. I still don't see a consistent agenda or ideology, though.
And it's hard to call News Corp's entertainment properties a "tiny sideshow" when 20th Century Fox distributes a fair chunk of Hollywood's output, when three out of the four most popular sports leagues in the world are broadcast by either Fox or Sky Sports, and when Fox is easily one of the more successful TV networks in the United States.
It owns News Limited, News International which are dominate right-wing newspapers/websites in Australia and UK respectively. Foxtel and BSkyB which are the PayTV equivalent in Australia and UK. Wall Street Journal and Fox News which is influential in the US. It has also its hands in tonnes of other media assets:
http://en.wikipedia.org/wiki/News_Corporation
Fox Studios is nothing but a tiny sideshow.