Media tycoon Rupert Murdoch recently stated the obvious when he said the newspaper business model of providing content online for free was "malfunctioning." Poleaxed by a severe ad slump and hemorrhaging red ink, printed newspapers and magazines have been downsizing or closing in some countries, even as their digital editions attract growing numbers of readers. Murdoch — whose News Corp. media empire includes the Wall Street Journal, a rare newspaper with a profitable, subscription-based website — has vowed to boost the earning power of his digital properties by increasing the number of News Corp. sites that charge for content.
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