A great wide ranging interview with Rupert Murdoch on Fox Business News on the future of online media. He talks about search, content and the media business. He thinks India would be the best place to invest, forget China. He believes the economy is going to be very tough for 2-3 years, unemployment is expected to be high and that there will be social unrest before things get better. Below is the auto generated transcript.

Full Transcript
” Lot of music lately about aggregators about the Google’s of the world and whether or not they should be hanging. For news corps content. Are you moving toward an exclusive deal and.”

” And I don’t know that it can afford. To do that it’s failing to pay everybody. Everything they took. From every newspaper in the world and every magazine. They wouldn’t have any profit — That that got they had devised a brilliant. Should change and as of this scrapes full of material published in the world and on the back — that. This dosage. Of the didn’t pay for the raw material. A — them. Someone’s got to we’ve we have to use of an event that. — I think absolutely so we can and we can publish on his — is that electronically. And others can do. And people — still — to assisted him if they wanna find out something. Not used to have that they they seek to they see things referred to in news stories in newspapers and magazines. They — had to go to Google or Microsoft or whoever. Santos — still have a very good business.”

” You envision a world and where. With the tablet and hand held device or something that feature where you can offer. Aid. Financial marketplace or supermarket full of media content and data on a multi tiered system yes yes how does that work.”

” Well you’d be able to get aren’t it would be transmitted to the — tablet. — transmitted through the air or wherever Wi-Fi. There — reasonable size attractive to. Have a full colors. And you could read for a five newspapers it. — depressed about voodoo anyone or if you want an extra. You wanna pay more than that. If that request fifteen and nineteen dollars — extra daylight time travel magazine does not think even little mom and have them.”

” So on this one tablet that I’m willing to pay the actual amount I can have a — anyone you sentence I want in anyone’s books in an integral.”

” And that is any shape.”

” That’s the future it cost a fortune. The newspaper industry or venues industry put them in his — to — pay the music industry. To spend a fortune. In collecting. It’s news and it it. And it needs to be paid for. And there’s not enough advertising to go around. It’s all right on cable television because it gets paid by the table supplies. Money which of postage costs under the public. As well as getting supplement about some happen — And it’s gonna have to — this. We have the sources of news. You can things just work we’ll show why. Well we’ve we’ve test marketed and people I think understand that is good debate. They gonna pay for it and if it doesn’t. You know newspapers we’ll go out of business. And local news. There’s just not enough advertising. And to go around. Polling. Sites that are on the news. The room there at the number of sites in the united availability of advertising amid an. The availability. — doubles or triples every year — the amount of actual real money. Goes up and say 1015%. In the the Protestant keeps coming down.”

” You recently in China. And there isn’t a lot of talk about when they’re not China is willing to assume. The role of a global powerhouse. If they’re willing to open up the doors and regulation and issues like fat free trade. I am willing to listen to –”

” Malia have today in the world depends what you describe the events. Do wanna be a level pass yes they send just one how many that that is. To. You know an — has people while they’ve — in ground. Do they want free trade of course I want free trade because did the cheapest producers of goods in the world. So well. No I think the Chinese — into a big potent force and they’re growing at an enormous right. Is not. This — autocratic society is — nice free society that we have not as complicated as we. It’s. It depends in what sort of society about Lyndon and deal.”

” Last night he said if I had them I think Alan Murray put a couple of billion dollars or change your — yeah. You and backed — you should you invested in India why India.”

” I think there’s a rule rules ahead you know what you doing its very complicated country. Different languages. Different house of separate but. Today the very entrepreneurial people looking people very cool look in the world. And I would about it there is a little while a few. They cheated by somebody competitor pulled by the government you can go to be independent courts.”

” I have to — to the NBC universal. A lot of talk about this deal with Comcast. You gotta look right. Yeah what did you think.”

” I’m very very uninteresting but the best days Comcast was. Wait wait to find out. I that was late in the same. But even so I don’t regret that I would have had to sell off NBC which would have been very difficult. NBC which would not an individual. And then there’s a big and big question what was the value of them things. But it’s amazing I think it’ll be in Washington before the FDCEO — to remember about twelve months when everybody attacks if you think they’ll be forced to disgust. Different assets I would be I wouldn’t think so not but there will be conditions. For instance when we — direct television. We’ll birthday supplier of cable channels and then distribute. So we had to decide also to undertakings. That we would treat everybody equally. I’m sure that have to do the same thing.”

” If you had a lot more cash right now we used witnesses under preserve my cash because we’re still in very uncertain times. Would you still have been more appealing to you or would you perhaps look for — another media business.”

” No identities. I think giving — that would actually come along at this at this moment now I think that. I think times remain uncertain how businesses and while I think we have to stick to writing. Developed. Bill back cable channels maybe build long. That seems to get the gold standard cable channels at the moment. — and film. And The Wall Street Journal which is growing today is now outselling the you autonomy rights to the line on this we give away look at it.”

” I heard Carlos Slim operators used money at 12% didn’t last night — evidence yet another thing what we doing anything but I was voting present and I don’t want us. Finally everything as we wrap up here in three bubble at the summit this council is talking about. The new normal. Defined to mean what do you think for new normal is whether it’s the next year the next three years how the — different.”

” I think remains in business is going to be very difficult.”

” Ha. Even — the year. Holding on the way things — gonna have to adjust to this government that — deceit which really government guys paid cents a pretty certain taxes and yeah. Health challenges again. We don’t know about how much yet. And I don’t think you can see a lot of formation of new businesses unfortunate. Because that’s what would kill the employment program. I think our problem in this country is gonna be we gonna have high unemployment. Pool at least two — three years if not more and at a level which will will bring social problems. Not that it is just not a pretty — That we’ll get through this great country and moved around.”