Murdoch to media: You dug yourself a huge hole

We all saw how the news media abandoned their appearance of independence and led the cheer for Obama. Now one of the leaders in the industry calls them out.

CNET News:
With newspapers cutting back and predictions of even worse times ahead, Rupert Murdoch said the profession may still have a bright future if it can shake free of reporters and editors who he said have forfeited the trust and loyalty of their readers.

"My summary of the way some of the established media has responded to the internet is this: it's not newspapers that might become obsolete. It's some of the editors, reporters, and proprietors who are forgetting a newspaper's most precious asset: the bond with its readers," said Murdoch, the chairman and chief executive officer of News Corp. He made his remarks as part of a lecture series sponsored by the Australian Broadcast Corporation. [Very well phrased!]

Murdoch, whose company's holdings also include MySpace and the Wall Street Journal, criticized what he described as a culture of "complacency and condescension" in some newsrooms.

"The complacency stems from having enjoyed a monopoly--and now finding they have to compete for an audience they once took for granted. The condescension that many show their readers is an even bigger problem. It takes no special genius to point out that if you are contemptuous of your customers, you are going to have a hard time getting them to buy your product. Newspapers are no exception."