Murdoch: WSJ, Other Newspapers Could Go Paperless

Internet and digital media bring a transformative life to us so quickly, even my previous boss-Rupert Murdoch, the traditional media giant, had to admit that newspapers may go Paperless.

As newspapers attempt to stave off extinction, News Corp. (NWSA: 10.41, -0.09, -0.86%) CEO Rupert Murdoch, one of the world’s biggest newspaper proponents, predicted publications like his Wall Street Journal could eventually go paperless.
“I can see the day -- and it may be 20 years away -- where you don’t actually have paper and ink and printing presses,” Murdoch said Monday morning in an interview with FOX Business's Neil Cavuto.
News Corp. is the parent of FOX Business, FOX News Channel and Journal publisher Dow Jones.
Murdoch predicted the digital age will continue to revamp news organizations, but he does not see newspapers disappearing altogether.
“People need it. It’s the source of our democracy that we have newspapers,” said Murdoch.
Murdoch said that “within 10 years I think nearly all newspapers will be delivered to you digitally either on your PC” or a device similar to Amazon.com’s (AMZN: 84.08, -1.61, -1.88%) Kindle e-reader.
“It’s going to be something that is quite mobile that you can take around with you. We are moving into a digital age and it’s going to change newspapers,” said Murdoch. Murdoch acquired the Journal and Dow Jones for $5 billion in 2007, a price well above the company's likely current value given how the downturn has impacted the newspaper industry. Still, the Journal's subscription numbers have held up better than those of many of its rivals. In a wide-ranging interview with FBN’s Neil Cavuto, Murdoch, 78, also downplayed talk of incoming No. 2 executive Chase Carey being his heir-apparent. “No, I don’t think we’re going to make any commitments on that at all. Chase is coming in to be my partner and right hand,” he said. Chase, 55, will join News Corp. on July 1 when he steps down as CEO of DirecTV (DTV: 22.77, -0.54, -2.32%), a former News Corp. business. Chase will replace longtime Chief Operating Officer Peter Chernin, who is resigning. It's unclear if Chase or Murdoch's son James will eventually lead the media empire. On the economic front, Murdoch joined a chorus of business leaders who say the worst is over for the recession.

“My feeling is that we hopefully hit a bottom here where things will be pretty stable from now on. Not as good as they were a little while back. It’s going to take time to climb out of it. That’s okay,” said Murdoch, adding that his media empire is in “pretty good shape.”