Murdoch

Speaking at the World Economic Forum in Davos, Switzerland last week, News. Corp Chairman Rupert Murdoch stressed that big media companies must accept that digital media and the internet are changing the balance of power - and that change must be embraced.

Murdoch stressed that power and influence are less centralized now that news sites, blogs and podcasts continue to grow in popularity, AdWeek reports. "It's so pluralistic," Murdoch said. "We all have less power, much less."

Murdoch added that with the addition of such sites and social media tools, traditional media must be more aware than ever of the content it creates and publishes, since there are so many new opinions being voiced via the internet.

When asked about the changes that digital media would bring, Murdoch said, "We're in the very early stages of it." This year's World Economic Forum ended on Sunday. Its theme was "The Shifting Power Equation."