The following are adapted excerpts from the December 8, 2009 Wall Street Journal article “Journalism and Freedom” by Rupert Murdoch.

1. The future of journalism belongs to the bold, and the companies that prosper will be those that find new and better ways to meet the needs of their viewers, listeners, and readers… through technology.

We are at a time when many news enterprises are shutting down or scaling back. No doubt you will hear some tell you that journalism is in dire shape, and the triumph of digital is to blame.

My message is just the opposite. The future of journalism is more promising than ever—limited only by editors and producers unwilling to fight for their readers and viewers, or government using its heavy hand either to overregulate or subsidize us.

2. Media companies need to give people the news they want and deliver it in the way that people want it delivered.

More and more, our readers are using different technologies to access our papers during different parts of the day. For example, they might read some of their Wall Street Journal on their BlackBerries while commuting into the office, read it on the computer when they arrive, and read it on a larger and clearer e-reader wherever they may be.

3. Quality content is not free. A business model that relies primarily on online advertising cannot sustain newspapers over the long term.

The critics say people won't pay. I believe they will, but only if we give them something of good and useful value. Our customers are smart enough to know that you don't get something for nothing.

4. Give credit where credit is due.

Right now content creators bear all the costs, while aggregators enjoy many of the benefits. In the long term, this is untenable... But the principle is clear: To paraphrase a famous economist, there's no such thing as a free news story, and we are going to ensure that we get a fair but modest price for the value we provide.

Read the complete article at: http://digg.com/business_finance/Rupert_Murdoch_on_the_future_of_news