James Mitchell

"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 of News Corp.

"The figure used in the past for the death of newspapers always placed the death at around 10-20 years. Given the slide into oblivion even the United State’s largest newspapers are now experiencing, I’ll give it 6 years to 2015, but with half gone by the end of 2010, and a significant number folding (10-20%) in 2009. Newspapers were a great party lasting hundreds of years, but the party is over and the end is nigh."