Murdoch foresees paperless future for WSJ, all newspapers

Media mogul and News Corp. chief executive officer Rupert Murdoch said Monday in an interview with FOX Business’s Neil Cavuto The Wall Street Journal could be paperless in 20 years.
Murdoch said he believes almost all news will be delivered either digitally via computer or on portable devices like Amazon's Kindle within 10 years.
While the newspaper industry is currently struggling to change its business model, Murdoch said he believes newspapers will endure. From the story:

“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,”

View the story here.

What do you think of Murdoch's predictions and a potentially paperless WSJ? Tell us in a comment.

GM overview

Portfolio.com has a great overview of General Motors Corp. including:

• Its chief executive officer and contact information
• Recent news on the company
• The number of employees at G.M. and revenue per employee
• Quarterly and annual financial information
• Stock information

View the overview here.

Google thought about buying a newspaper

In an interview with the Financial Times, Eric Schmidt, chairman and chief executive officer of Google said that the technology giant has considered purchasing a newspaper, www.ft.com reported today.
Schmidt elaborated that Google has since decided against an acquisition or charitable donation to avoid a conflict of interest.
From the article:

"'Clever ideas about sheltering newspapers in non-profit structures had been suggested to the Google.org foundation but they are unlikely to happen without some massive, massive set of corporate bankruptcies”, Mr Schmidt said.

View the full story here.

TheStreet interim CEO to stay

TheStreet announced Tuesday that Daryl Otte, its interim chief executive officer, will be its official CEO.
Otte replaced Thomas Clarke, the previous TheStreet CEO for roughly a decade. Clarke stepped down in March amid speculation it was due to Jim Cramer's The Daily Show appearance .
View the story here.

Dow Jones trims benefits

Though The Wall Street Journal's circulation and site usage has increased, its parent company News Corp. is cutting back benefits in the face of economic woes.
Dow Jones Chief Executive Les Hinton announced the cuts in a memo Tuesday. The cuts will freeze the Money Purchase Plan and reduce health care subsidies for the retired.
Hinton said some of the money saved in the cuts would be put toward new health and wellness benefits.
Hinton said in the memo, "We want to give Dow Jones employees - whose ages, family situations, and career profiles are more varied than ever before - increased choice and enhanced coverage while providing individuals with better ways to manage health care costs."
Read the full story here.

Financier trying to buy Sun-Times Media Group

A Chicago businessman is trying to attract investors in an effort to put together a bid to buy the Sun-Times Media Group, according to Crain's Chicago Business.

Mr. [James] Tyree, CEO of Mesirow Financial Inc., told Crain's he has reviewed Sun-Times' books and discussed a possible bid with CEO Jeremy Halbreich and other company executives. Though his plans are still at a "very early stage," Mr. Tyree says he has talked with several potential co-investors, including a private-equity firm, about forming a group of four to 25 "to keep this great institution in Chicago."

Tyree acknowledged the challenging position facing the industry as a whole, and the Sun-Times Media Group in particular, hinting that he thinks the company needs to become smaller if it hopes to regain profitability.
Click here to read more.

E.W. Scripps profit falls 88% in quarter

E.W. Scripps released first quarter results Monday which showed an 88% year-over-year decline in its newspaper division profits, according to Editor & Publisher.
Like most other publishers in the country, Scripps' overall newspaper ad revenue was down significantly. However, the company also posted a loss in online ad revenue:

Online revenue plummeted 26.5% to $7.3 million because of the weakness in print classified advertising, which accounts for 55% of online advertising revenue. Stripping out online ads tied to print, Scripps reported that online revenue from "pure-play" advertisers was up 30% to $3.4 million.

Much of the operating losses the company reported were one-time losses such as those related to the closing of the Rocky Mountain News. However, president and CEO Richard Boehne said that the second quarter looks like it will have results similar to those of the first quarter.
To read more, click here.

USA Today names new publisher, editor

Gannett on Tuesday announced that it was appointing David Hunke as the new publisher for USA Today, a position filled by Craig Moon until April 17, according to Editor & Publisher.

Craig Dubow, Gannett chairman, president and chief executive officer, made the announcements at the company’s annual shareholders meeting.
“Dave is a highly talented, multi-faceted leader, who drives excellence throughout his organization while making the tough business decisions. At the same time, he has the courage to be innovative and take chances. He is just the right person for USA TODAY at this juncture,” Dubow said in a statement. “I am thrilled he will be joining my executive team.”

It was also announced that John Hillkirk would be promoted to the top editor position at USA Today from his previous role as executive editor.
To read more, click here.

Forbes to launch business magazine in India

Forbes Media will partner with TV18 to launch a business magazine in India, according to a report from Business Standard.
Steve Forbes, chairman, CEO and editor-in-chief, said TV18 is one of the most respected and fastest-growing media companies in India.
The new magazine adds to Forbes international ventures including Forbes Asia, Forbes China, Forbes Russia and Forbes Arabia.
“Our partnership with Forbes for a business magazine is another compelling testimony to the growing acceptance of the Indian growth story worldwide. Rapid economic expansion, change in consumer mindsets and deepening of the market economy in the country have led to an enabling environment for business brands,” said Raghav Bahl, managing director, Network18.
To read the full report click here.

Time Warner hires media analyst

Time Warner hired Douglas Shapiro, a former stock picker for Banc of America Securities, to become the company's head investor, according to a New York Times report.
Shapiro will work under Jeffery L. Bewkes, who within the next few weeks will replace Richard D. Parsons as Time Warner's chief executive.
The report states that "Major changes are likely under Mr. Bewkes that could result in a breakup of the media giant, whose assets include the Warner Brothers movie studio, CNN, Time Inc. and AOL."
To read the story click here.

CBS gets into the resturant biz

CBS Corp. is partnering with New England Patriots’ owner Robert Kraft to establish a new station-themed restaurant.
CBS announced today the plans for CBS Scene Restaurant and Bar, a 15,000 square-foot restaurant scheduled to open next fall nearby the Patriots' Gillette stadium in Foxborough, Ma.
The restaurant will feature 130 high-definition televisions programmed with CBS shows. It will anchor Patriot Place, a 1.3 million square-foot retail and entertainment hub at the stadium.
With its new venture, CBS Corp. is entering the restaurant business beside stations with established restaurant chains like ESPN and FOX.
"There is no greater franchise right now in the NFL than the New England Patriots, and there is no better or higher rated broadcaster than CBS Sports, which has become network televisions No. 1 supplier of big ticket events like the NFL," said Leslie Moonves, CBS Corp. president and chief executive officer, in a release.
"The CBS Scene restaurant and Bar represents a terrific opportunity to bring these forces together to launch a first-of-its kind dining and entertainment destination at what promises to be one of the Northeast's most popular attractions."
To read the full release click here.