April 12, 2010
WASHINGTON (AP) -- Google Inc. Chief Executive Eric Schmidt says he is confident that newspapers will find new ways to make money online by harnessing the vast reach of the Internet.
Media executives have accused Google of draining readers and advertising from newspapers online. But speaking Sunday night to open the annual conference of the American Society of News Editors, Schmidt said Google recognizes that newspapers are vital to democracy and provide a critical source of online content.
He predicted that the news business will find a new model, based on a combination of advertising and subscription revenue. He said Google hopes to facilitate that, but he offered no specifics.
"We have a business model problem. We don't have a news problem," Schmidt said. He added: "We're all in this together."
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