What's so great about Rupert Murdoch is that he sees opportunity where others don't. It also helps that he's a self-promoting windbag who likes to talk about himself. Murdoch has always said content is king, but he has been smart enough to hedge his bets with tech-based investments such as MySpace and Hulu. Those projects have given Murdoch a broad portfolio and an understanding that while he may still love newspapers, not everyone does. This article gives further insight into the man and his (occasional) madness.
And though he doesn't have much company as a forward-thinking businessman who understands the journalistic desires of the masses, he is not alone. Gannett, though far more buttoned-down than the Australian cowboy, has made some shrewd online investments in the last few years, including CareerBuilder. Almost as important, Gannett is constantly looking for ways to embed itself in the lives of its readers. (The investments don't always work, but at least they're trying.) Last week they invested in Cozi, a web service that helps families manage schedules and stay in contact.
The rest of the journalism world would be wise to follow this model. Sam Zell bought the L.A. Times, Chicago Tribune and Newsday. He proceeded to slash the budget and battle with the Times editors and then he decided to sell Newsday. That's all fine and dandy, but why he is planning to sell the Chicago Cubs (who were owned by Tribune Co.), I have no idea. Look around: Regional sports networks (such as YES and NESN) are all the rage. Hey, I'm sure Zell is a smart guy -- or maybe just a guy who likes to curse at his staff -- but he should be watching what the other big players are doing and following their lead.
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