In a speech at the same convention where Rupert Murdoch suggested news aggregators steal online news content, Google Chief Executive Eric Schmidt emphasised the importance of creating a "new format" and business model for online journalism, the Wall Street Journal reported.

Addressing the newspaper industry, Schmidt said the only solution he saw to a harmonious partnership between search engines and news sources is to "build a business with you."

Schmidt encouraged news sites to follow Google's model of depending on advertising, rather than paid subscriptions, for revenue. The executive commented that "advertising is still the best way to reach a large audience," the Wall Street Journal reported. Schmidt also proposed "micro-payments" for access to online content, citing Apple Inc.'s iTunes as an example of a site where users pay small amounts for a product.