• Hollywood Reporter via Adweek , Monday, January 29, 2007 12:01 PM

Media conglomerates and governments cannot stop, much less reverse, the reduced power they endure, brought about by the Internet and digital media. Instead, they have to learn to embrace change as an opportunity.

At least that's the word form the World Economic Forum in Davos, Switzerland. Big media's influence is waning amid an explosion of news sites, blogs and podcasts, says News Corp. chairman and CEO Rupert Murdoch. "It's so pluralistic," he says. "We all have less power, much less."

In addition, there are not only more outlets for news and opinion. but traditional media can also be "put right immediately" when it makes mistakes. He adds that government now has to be much more open because of the Web and suggests nations view this as an opportunity: "We just have to let this go. We can't reverse it."

Read the whole story at Hollywood Reporter via Adweek »