Rupert Murdoch, the vocal CEO of New Corp. and media mogul has prophesied a paperless newspaper industry, Fox Business reported Monday.

"I can see the day - and it may be 20 years away - where you don't actually have paper and ink and printing presses," Murdoch said Monday morning in an interview with Fox Business's Neil Cavuto. News Corp. is the parent company of Fox.

While foreseeing the obvious and ongoing influence of the Internet and digital technology on the news industry, Murdoch said he believes newspapers still have an important future, calling them "the source of our democracy."

However, this future may be in a drastically novel format. Murdoch said that "within 10 years I think nearly all newspapers will be delivered to you digitally either on your PC" or via an electronic reader, such as Amazon's Kindle, Fox reported.

Murdoch, 78, also told Cavuto that his new deputy, Chase Carey is "coming in to be my partner and right hand," but would not comment on whether Carey is being groomed to replace him. Carey, 55, will join News Corp. on July 1, after leaving DirecTV, where he is CEO.