Murdoch on free Web content

Dow Jones reports that Rupert Murdoch told the cable industry's largest annual gathering in Washington, D.C. on Thursday that free online content is breaking the media industry's business models.
He added that he doesn't see the economy rebounding yet and that the markets may not recover for two or three years.
From the story:

"Nobody is making money with free content on the web except search," said Murdoch, noting the trend is particularly worrisome in the newspaper publishing, where News Corp. owns a variety of assets. "People are used to reading everything on the net for free, and that's going to have to change."