Assuming it's not behind a paywall by the time you get to it, check out Google CEO Eric Schmidt's must-read op-ed from yesterday's Wall Street Journal (of all places). Apart from the sappy futurism that begins the piece, the whole thing is really smartly written and is a perfect response to Murdoch's vapid threats from a few weeks ago.
The headline of this post is taken from Schmidt's justification of Google's importance to the success of the news media in the digital age:
Google is a great source of promotion. We send online news publishers a billion clicks a month from Google News and more than three billion extra visits from our other services, such as Web Search and iGoogle. That is 100,000 opportunities a minute to win loyal readers and generate revenue—for free.
And later, he unloads the shock and awe:
It's understandable to look to find someone else to blame. But as Rupert Murdoch has said, it is complacency caused by past monopolies, not technology, that has been the real threat to the news industry.
P.S. Ironically (or is it?), I read Schmidt's op-ed on my iPhone rather than on dead trees.