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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:03 |
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I HAVE TWO QUICK QUESTIONS. THE FIRST QUESTION IS, ARE YOU IN CONTACT WITH MR. MONTGOMERY? AND DO... |
| 00:00:10 |
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WE'LL LEAVE THIS RECORDED EVENT NOW TO TAKE YOU LIVE AS PROMISED TO A SENATE HEARING ON THE FUTURE... |
| 00:00:46 |
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RUNNING A LITTLE BIT BEHIND SCHEDULE. BUT HOPEFULLY WE'LL GET A LITTLE BIT OF A BREATHER HERE SO WE... |
| 00:14:42 |
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I WANT TO COMMEND YOU FOR SCHEDULING THIS HEARING. IT'S A VERY IMPORTANT MATTER BRFR US. YOUR STATEMENT... |
| 00:15:12 |
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THANK YOU FOR YOUR LEADERSHIP SO MANY YEAR SS. THIS IS THE FIRST SUBCOMMITTEE OWN COMMUNICATIONS TECHNOLOGY... |
| 00:15:48 |
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THANK YOU FOR THAT EXCELLENT STATEMENT. I LIKE SENATOR INOUYE WILL PUT MY STATEMENT IN THE RECORD.... |
| 00:16:54 |
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THANK YOU VERY MUCH, SENATOR UDALL. |
| 00:17:10 |
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THANK YOU. I THINK WHEREVER YOU LIVE IN THE COUNTRY, WHERE YOU READ "THE WASHINGTON POST" OR MY HOMETOWN... |
| 00:18:48 |
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I WOULD LIKE TO IF I COULD ENTER SOME SYSTEM FROM THE SEATTLE TIMES. |
| 00:18:56 |
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ABSOLUTELY. SORRY I PASSED YOU BY. |
| 00:18:59 |
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NO, I WANT TO WAIT IN QUESTIONING. |
| 00:19:05 |
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SENATOR CARDIN THANKS VERY MUCH FOR BEING HERE. WE LOOK FORWARD TO YOUR TESTIMONY. |
| 00:19:14 |
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WELL, CHAIRMAN KERRY, THANK YOU VERY MUCH. |
| 00:19:17 |
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IS THAT WORKING? |
| 00:19:19 |
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THE LIGHT IS ON. |
| 00:19:20 |
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THERE YOU GO. PULL THAT CLOSER. |
| 00:19:24 |
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THANK YOU VERY MUCH FOR CONDUCTING THIS HEARING. I HAVE A STATEMENT I'LL MAKE AVAILABLE FOR THE RECORD.... |
| 00:24:52 |
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THANK YOU VERY MUCH. |
| 00:24:54 |
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THANK YOU FOR A CLEAR, CON FIES AND BRIEF SUMMARY. IT'S THOUGHTFUL PROVOCATIVE CONCEPT AND ONE WE'LL... |
| 00:25:15 |
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IF I COULD INVITE MEMBERS OF THE SECOND PANEL COME UP. WE HAVE MS. MARISSA MAYER, VICE PRESIDENT OF... |
| 00:26:21 |
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THANK YOU FOR INVITING ME TO CONTRIBUTE TO THIS DISCUSSION. |
| 00:26:25 |
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PULL THE MIKE A LITTLE CLOSER IF YOU CAN. |
| 00:26:32 |
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AS CO-CHAIRMAN OF THE KNIGHT COMMISSION OF COMMUNITIES IN THE DEMOCRACY, I WOULD LIKE TO SPEAK TO... |
| 00:31:50 |
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THANK YOU VERY MUCH, MS. MAYER. I MISTAKENLY GAVE THE ORDER EARLIER. WE WOULD LIKE TO BEGIN WITH... |
| 00:32:15 |
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THANK YOU FOR THE OPPORTUNITY TO TESTIFY. I WILL PREPARE A WRITTEN STACHLT WHICH I WILL -- STATEMENT... |
| 00:38:33 |
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THANK YOU VERY MUCH, MR. COLL. THAT'S VERY HELPFUL. MR. SUTTON? |
| 00:38:37 |
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THANK YOU, SENATOR. I WOULD ALSO LIKE TO SAY I'M PROUD TO BE FOLLOWING MR. COLL, WHOSE WORK WITH THE... |
| 00:47:39 |
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THANKS FOR YOUR TERRIFIC TESTIMONY. WE APPRECIATE IT VERY, VERY MUCH. |
| 00:47:45 |
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THANK YOU, MR. CHAIRMAN AND MEMBERS OF THE COMMITTEE, FOR INVITING ME TO TESTIFY. FOR THE FIRST TIME... |
| 00:54:16 |
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THANK YOU FOR THAT THOUGHTFUL STATEMENT, APPRECIATE IT. |
| 00:54:18 |
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GOOD AFTERNOON. CHAIRMAN KERRY, I WANT TO THANK YOU FOR HOLDING THIS HEARING TODAY ON THE FUTURE OF... |
| 00:59:11 |
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THANKS, MR. MORONEY. THANKS FOR REFERENCING THE RETRANSMISSION CONCEPT WHICH I THINK DOES HAVE SOME... |
| 00:59:23 |
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THANK YOU, CHAIRMAN KERRY AND MEMBERS OF THE COMMITTEE, FOR INVITING ME TO BE PART OF TODAY'S DISCUSSION... |
| 01:06:37 |
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THANK YOU VERY MUCH, MISS HUFFINGTON. VERY IMPORTANT TESTIMONY AND WE ENGAGE AN INTERESTING CONVERSATION,... |
| 01:07:39 |
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I WOULD ARGUE THAT THE NEWSPAPERS AT A CRITICAL MOMENT WHEN THE MONEY WAS THERE TRADED AWAY THEIR... |
| 01:08:52 |
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BUT THOSE WHO DID GO ONLINE AND TRIED TO SELL THE PRODUCT THAT THEY HAD -- |
| 01:08:56 |
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IF THEY DON'T DO IT INDUSTRY-WIDE, IT CAN'T WORK. BECAUSE IF EVERYONE IS AN A.P. OR REUTERS MEMBER... |
| 01:09:37 |
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THAT'S REALLY A MAJOR PLACE OF FOCUS HERE. I'M INTERESTED IN THIS CONCEPT OF LIMITED ANTITRUST EXEMPTION... |
| 01:10:41 |
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THINK IT'SS I IORORTA T RECOCOGNIZE THATSNIPPETS ALONE, AT W WSHSHOW ON GOOGLE, EITRR IN GOOGL NEWS... |
| 01:11:10 |
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THERE IS USUALLY ADVERTISEMENTS ON THE PAGE WHEN THEY LAND THERE. SO IN A FREE MODEL, USUALLY THE... |
| 01:11:21 |
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THEY HAVE NOT BEEN ABLE TO FIND THAT THAT PROVIDES -- THEY'RE NOT GETTING IN MANY CASES, I DON'T THINK... |
| 01:11:32 |
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MY VIEW IS THAT IT'S STILL VERY EARLY. AND THAT IF YOU LOOK AT MANY MATURE BUSINESS MODELS, THEY ... |
| 01:11:51 |
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WHEN YOU SAY IT'S EARLY, IT'S NOT EARLY FOR THE DENVER POST OR SEATTLE INTELLIGENCER, A BUNCH OF FOLKS... |
| 01:11:59 |
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IT'S EARLY IN TERMS OF THE SITUATION REACHING A BALANCE AND US HAVING A PRODUCT ONLINE THAT FILLS... |
| 01:12:08 |
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MISS HUFFINGTON, YOU'VE BEEN PERHAPS THE MOST SINGLE SUCCESSFUL PERSON ON THE INTERNET IN TERMS OF... |
| 01:12:32 |
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RIGHT NOW, THE HUFFINGTON POST EMPLOYS 60 PEOPLE AND THE INVESTIGATIVE FUND WE LAUNCHED LAST MONTH... |
| 01:13:34 |
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WHAT YOU'VE DONE ESSENTIALLY IS CREATE A NONPROFIT ENTITY UNDER THE UMBRELLA OF YOUR FOR-PROFIT ENTITY... |
| 01:13:48 |
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BUT THE NOT FOR PROFIT ENTITY WILL BE OPEN SOURCE WHICH MEANS THE CONTENT THAT THE NOT FOR PROFIT... |
| 01:14:18 |
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THIS WILL BE MY LAST QUESTION. IF WE CAN -- CLEARLY, THE FOLKS WHO ARE IN WHAT HAS BEEN DUBBED LEGACY... |
| 01:15:28 |
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THAT'S WHY, MR. CHAIRMAN, I TALKED ABOUT A HYBRID MODEL. AT THE HUFFINGTON POST, FOR EXAMPLE, WE HAVE... |
| 01:15:54 |
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MY CASE, IT WAS VERY ORIGINAL. |
| 01:15:59 |
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WHICH IS AVAILABLE TO OTHERS TO LINK TO AND USE AGAIN WITHOUT CHARGE. |
| 01:16:03 |
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I'M SURE WE'RE GOING TO PURSUE THIS MORE. I WANT TO LET MY COLLEAGUES HAVE A CHANCE. KAY BAILEY HUTCHINSON... |
| 01:16:17 |
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THANK YOU VERY MUCH, MR. CHAIRMAN. THIS IS SUCH AN APPROPRIATE AND TIMELY SUBJECT FOR US TO DISCUSS,... |
| 01:19:12 |
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WELL, AS I MENTIONED IN MY ORAL TESTIMONY, THE DALLAS MORNING NEWS INVESTS OVER $30 MILLION EACH YEAR... |
| 01:21:43 |
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LET ME JUST ASK ANYONE ELSE ON THE PANEL WHO WOULD RESPOND THAT IF THERE IS A PROPERTY RIGHT AND SOME... |
| 01:22:37 |
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WELL, ALREADY, WE SEE THAT ADVERTISING, BECAUSE OF THE DROP THAT EVERYBODY HAS MENTIONED HERE TODAY... |
| 01:23:48 |
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I ALSO WOULD LIKE -- |
| 01:23:52 |
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SENATOR McCASKILL? SOMEBODY ELSE? SORRY. |
| 01:23:56 |
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I ALSO WANTED TO CHIME IN. IN 2008, MORE THAN $5 BILLION WAS EARNED THROUGH GOOGLE ADS ALONE ON PUBLISHER... |
| 01:24:50 |
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THANK YOU, SIR. |
| 01:24:52 |
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IT WOULD BE HELPFUL IF MISS MAYOR COULD COME BACK AND TELL US WHAT PERCENT OF THAT $5 BILLION IS GOING... |
| 01:25:12 |
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SENATOR McCASKILL? |
| 01:25:13 |
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WELL, I WANT TO HONE IN FIRST OF ALL, I WILL TRY NOT TO GUSH, MR. SIMON. I'M A HUGE FAN OF THE WIRE.... |
| 01:25:38 |
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CAN MEAN DIFFERENT THINGS. |
| 01:25:39 |
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IT CAN MEAN DIFFERENT THINGS. THAT'S AN UNDERSTATEMENT. YOU KNOW, TWO THINGS THAT I THINK WERE MISSING... |
| 01:25:56 |
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RIGHT. |
| 01:25:58 |
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I UNDERSTAND MISS HUFFINGTON, THAT YOU ARE WORKING ON AN INVESTIGATIVE MODEL BUT FOR YOUR AUDIENCE,... |
| 01:28:30 |
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I WOULD REALLY LIKE TO AFFIRM THAT. THERE HAS BEEN AN EQUIVOCATION UP HERE BETWEEN PEOPLE DISCUSSING... |
| 01:29:49 |
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YOU KNOW, I KNOW WE GIGGLE ABOUT IT BUT I THINK IT'S VERY SERIOUS. YOU KNOW, MR. CHAIRMAN, I'M GLAD... |
| 01:30:23 |
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SENATOR McCASKILL, ACTUALLY, IF YOU LOOK AT, FOR EXAMPLE, VOICES OF SAN DIEGO, WHICH IS A NOT-FOR-PROFIT... |
| 01:30:52 |
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CAN'T WAIT. |
| 01:30:56 |
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AND IN THESE CITIES, CITIZEN JOURNALISTS ARE INCREDIBLY IMPORTANT. I'M SORRY TO HEAR MR. SIMON DISMISS... |
| 01:32:03 |
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ARE THERE EDITORS IN THAT MODEL? |
| 01:32:06 |
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ABSOLUTELY THERE ARE EDITORS. |
| 01:32:08 |
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WHO PAYS THE EDITORS? |
| 01:32:09 |
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THE ONLINE PROVIDERS, THE NEWSPAPERS, WE ARE ALL PAYING EDITORS BUT IT'S REALLY WHAT IS BEING CALLED... |
| 01:32:23 |
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IF I MAY, SENATOR, THERE ARE A NUMBER OF SIMILAR KINDS OF LOCAL AND MISSION-DRIVEN ORGANIZATIONS THAT... |
| 01:35:02 |
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THANK YOU VERY MUCH. SENATOR CAMPBELL? |
| 01:35:06 |
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THANK YOU, MR. CHAIRMAN. THANK YOU FOR HAVING THIS IMPORTANT HEARING AND I HAVE TO SAY THAT HAVING... |
| 01:37:20 |
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IT SEEMS TO ME THAT ANTITRUST PROVISIONS WOULD CREATE MORE ORGANIZATIONS THAT ARE TOO BIG TO FAIL.... |
| 01:38:24 |
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I AGREE, THERE COULD BE MUCH MORE ATTENTION TO THAT. AS SOMEBODY WHO SUFFERED THROUGH THE ENRON CRISES... |
| 01:38:50 |
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WELL OF COURSE, THEY CAN ALREADY TALK TO EACH OTHER. WHAT WE'RE DISCUSSING IS WHETHER WE, YOU CAN... |
| 01:39:14 |
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MR. SIMON OR MR. MORONI, DO YOU WANT TO ADDRESS THAT? |
| 01:39:18 |
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DOES CONTENT HAVE VALUE? EVERYTHING IN THE ONLINE DIGITAL WORLD HAS HAD TO FIGHT THIS BATTLE. PUBLISHERS,... |
| 01:40:08 |
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CAN I -- I WANT TO GET TO THE SPECIFIC HERE, MAKE SURE I UNDERSTAND. BECAUSE I THINK WHAT MS. HUFFINGTON... |
| 01:40:21 |
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RIGHT. RIGHT NOW THE NEWSPAPERS HAVE -- AND I BELIEVE THEY BUTCHERED THIS GOING BACK TEN YEARS. RIGHT... |
| 01:41:06 |
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I'M WILLING TO PAY $12 AND I WANT THE CHOICE OF PICKING THE NEWSPAPER UP ON ANY NEWSSTAND AND I WANT... |
| 01:41:20 |
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RIGHT NOW, THE HORSE HAS BEEN OUT OF THE BARN DOOR AND IT'S BEEN OUT OF THE BAR DOOR FOR TEN YEARS.... |
| 01:41:36 |
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THAT'S MY POINT FOR THE BUSINESS MODEL. TECHNOLOGY SHOWS US OVER AND OVER AGAIN. SOMETIMES IT TAKES... |
| 01:41:45 |
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IN THAT, LET ME JUST SAY, I'LL END THIS. IN THAT WINDOW, THE TALENT POOL AND THE INSTITUTIONAL MEMORY... |
| 01:41:57 |
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WHICH IS WHY I'M SUPPORTIVE OF THINGS TO HELP IT IN THE MEANTIME. |
| 01:42:02 |
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MR. SIMON IS EXACTLY RIGHT. THIS HORSE IS OUT OF THE BARN FOR TEN YEARS. TO TRY TO BRING IT BACK ONE... |
| 01:43:15 |
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I KNOW MY TIME HAS EXPIRED, MR. CHAIRMAN, SO -- |
| 01:43:17 |
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THAT'S ALL RIGHT. GO AHEAD. |
| 01:43:23 |
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WELL, I JUST -- SO YOU'RE SAYING ABOUT THE SPECIFIC INFORMATION, LIKE THIS EXAMPLE I JUST CAME UP... |
| 01:43:36 |
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SURE, WE -- |
| 01:43:39 |
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YOU'RE SAYING RIGHT NOW THE COMPETITION -- |
| 01:43:41 |
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BECAUSE SO MUCH OF OUR INFORMATION IS ALREADY OUT THERE FOR FREE. BECAUSE WE ARE PART OF THE A.P.,... |
| 01:44:31 |
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I'M NOT SURE, I THINK BRAND COUNTS FOR A LOT. I THINK IT'S SOMETHING YOU HAVE. I THINK IT'S SOMETHING... |
| 01:44:44 |
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WE'LL COME BACK TO IT I WANT TO CONTINUE THIS CONVERSATION BECAUSE IT'S VERY IMPORTANT. ONE OF THE... |
| 01:45:25 |
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THANK YOU, MR. CHAIRMAN. LET ME FOLLOW UP, IF I MAY, WITH SENATOR CANTWELL AND THE CHAIRMAN'S QUESTIONS... |
| 01:45:42 |
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I THINK BOTH. |
| 01:45:44 |
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AND TELL ME THE LIMITS ON THE SCOPE, IF YOU CAN ARTICULATE THOSE TODAY, THAT WOULD BE GREAT. |
| 01:45:49 |
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WELL, I WISH I COULD TELL YOU THAT I HAVE HAD ENOUGH TIME TO THINK THIS TRUE THROUGH AND HAD A PERFECT... |
| 01:46:21 |
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MR. COLE, DO YOU HAVE ANY COMMENTS ON THAT, ON AN ANTITRUST EXEMPTION? |
| 01:46:28 |
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I DON'T REALLY, SENATOR, THANK YOU FOR ASKING. |
| 01:46:32 |
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LET ME ASK IF I CAN, WITH YOU, MR. MORONI, AGAIN, STAYING WITH THE ISSUE OF ANTITRUST AND THE DEPARTMENT... |
| 01:47:33 |
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I DO BELIEVE THERE SHOULD BE ONE TODAY, NEWSPAPERS ARE COMPETING WITH ALL KINDS OF OTHER MEDIA IN... |
| 01:47:50 |
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HA DO YOU MEAN BY THAT? |
| 01:47:51 |
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SOMEBODY IS PAYING ME A CERTAIN AMOUNT OF MONEY IN ORDER TO PUT SOMEBODY'S EYEBALLS IN FRONT OF AN... |
| 01:49:14 |
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LET ME ASK YOU YOU THIS, IF YOU KNOW, IN TERMS OF CHANGING THAT DEFINITION, DOES THAT REQUIRE STATUTE?... |
| 01:49:27 |
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I GUESS TODAY, THE S.E.C. HAS DEFINED IN SOME WAYS, THE DEPARTMENT OF JUSTICE, NUMBER ONE. AND THEN... |
| 01:49:39 |
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OKAY. |
| 01:49:41 |
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MR. CHAIRMAN, THAT'S REALLY ALL I HAVE. THANK YOU. |
| 01:49:44 |
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THANK YOU, VERY MUCH, SENATOR. |
| 01:49:49 |
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SENATOR KLOBICHAR. |
| 01:49:52 |
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THANK YOU VERY MUCH. IT'S TRUE TO THE PANELISTS THAT MY DAD, WHILE HE FIRST WAS A REPORTER AND THEN... |
| 01:51:47 |
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THAT'S CORRECT. |
| 01:51:49 |
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OF GREAT PROPORTIONS, AND DO YOU SEE ANY HELP OF THAT WITH THE ECONOMY IMPROVING FOR OUR NEWSPAPERS?... |
| 01:51:55 |
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THERE IS A CYCLICAL DIMENSIONOR TO IT. BUT THERE IS ALSO A VERY SECULAR DIMENSION TO IT. SO AS THE... |
| 01:52:16 |
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AND THEN MANY OF THE NEWSPAPERS ARE IN BANKRUPTCY, THE "STAR TRIBUNE" IN MINNESOTA IS IN BANKRUPTCY.... |
| 01:52:39 |
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I WOULD SAY THERE ARE SOME NEWSPAPERS WHOSE PARENT COMPANIES ARE IN BANKRUPTCY. BUT THOSE NEWSPAPERS... |
| 01:53:23 |
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I WON'T TAKE THIS OUT OF YOUR TIME, BUT I JUST WANT TO -- WHERE WAS THE DEBT TAKEN ON FOR? DOES THAT... |
| 01:53:29 |
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EVERY DIFFERENT COMPANY HAS A DIFFERENT REASON. SOME WERE FOR CONSOLIDATION PURPOSES. OTHERS WOULD... |
| 01:53:41 |
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ANY SENSE OF HOW MUCH WAS TAKEN ON FOR BAD JUDGMENTS, AS MR. SIMON REFERRED TO EARLIER? |
| 01:53:47 |
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WELL, SENATOR, I DON'T. I DON'T, I CAN'T, I CAN'T SPEAK TO THAT. |
| 01:53:51 |
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BUT YOU CLAIM TO BE IMMUNE FROM THAT? |
| 01:53:54 |
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WELL, WE HAVE VERY, VERY LITTLE DEBT AT THE COMPANY THAT I WORK FOR. AND I'M GRATEFUL FOR THAT. BECAUSE... |
| 01:54:26 |
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THANK YOU, THAT ALMOST WAS AS GOOD, SENATOR KERRY, AS THE QUESTION I DECIDED NOT TO ASK MS. HUFFINGTON... |
| 01:54:40 |
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I WOULD LOVE TO ANSWER IT. BECAUSE FIRST OF ALL, OPINION IS TO BE FACT-BASED. SO AT THE "HUFFINGTON... |
| 01:55:36 |
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I STILL THINK AND I THINK MR. BARGAIN, DID I SAY YOUR NAME RIGHT? MAYBE YOU CAN GET AT THIS WITH SOME... |
| 01:56:16 |
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WELL, I, I SUPPOSE IF I -- THE EXACT ANSWER TO THAT, I'D BE HOPE CLIPPING COUPONS. SO I, I REALLY... |
| 01:56:41 |
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LOOK AT THE MEDIA USAGE AND THE INCREASING USE OF MEDIA, THE YOUNGER THE PERSON, THE HIGHER THE LIKELIHOOD... |
| 01:57:23 |
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SENATOR KERRY, I'M GOING TO COME BACK. THIS IS WHAT HAPPENS WHEN YOU'RE THE SINGLE SENATOR. YOU'RE... |
| 01:57:34 |
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NEVER MISSES AN OPPORTUNITY TO SAY WE NEED AL FRANKEN HERE. LET ME, IF I CAN, FIRST OF ALL, ALL HAVE... |
| 01:58:29 |
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GOOGLE'S RELATIONSHIP WITH THE CONTENT PROVIDERS, SORT OF, WHAT I'M HEAR INGING IS THAT THIS IS EXCITING,... |
| 02:00:21 |
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THAT'S NOT QUITE RIGHT. |
| 02:00:22 |
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SO HELP ME. |
| 02:00:24 |
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DISENTANGLING A FEW OF THE DIFFERENT PRODUCTS THAT ARE IN PLAY. THERE'S GOOGLE WEB SEARCH, OUR GENERAL... |
| 02:01:25 |
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HELP US TO UNDERSTAND WHO GETS PAID WHERE. |
| 02:01:29 |
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SURE. ON THE PUBLISHER'S SIDE, THE PUBLISHER GETS PAID. AND ON OUR SITE, IF WE CLICK ON SAY AN AD... |
| 02:01:50 |
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IS IT ONLY ON THE CLICK ON THE AD THAT THERE'S ANY KIND OF |
| 02:01:54 |
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THAT'S RIGHT. |
| 02:01:57 |
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SO IF YOU SIMPLY GO THROUGH AS THE AGGREGATOR, THEY HAVE SIMPLY BEEN DIRECTED TO THE SITE OF THE HOST?... |
| 02:02:03 |
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THAT'S RIGHT. |
| 02:02:04 |
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AND IN EFFECT THEY'RE THEN USING THE HOST CONTENT. NOW WHAT WOULD HAPPEN TO YOU IF THERE WAS THIS... |
| 02:03:18 |
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I WOULD FIRST OF ALL SAY THEY ARE NOT LOSING THEIR REVENUE BASE BECAUSE OF THE INTERNET. THEY'RE LOSING... |
| 02:03:50 |
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IS THERE A SYNERGY THAT CAN BE FOUND BETWEEN YOU IN THIS? I THINK THEY ARE LOSING IT BECAUSE OF ANY... |
| 02:04:23 |
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ABSOLUTELY. WE WANT TO SEE THE CONTENT EXPANDED IN MULTIPLE WAYS. WE DON'T WANT JUST TO SURVIVE. ... |
| 02:04:54 |
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WOULD YOU FIND IT GOOGLE OR HUFFINGTON POST OR ANYBODY ELSE, WOULD YOU FIND IT ONEROUS TO BE IN A... |
| 02:05:21 |
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WE THINK THAT JOURNALISM IS VERY IMPORTANT AND WE NEED TO FIND BUSINESS MODELS THAT CAN SUSTAIN IT.... |
| 02:06:43 |
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THERE'S AN EQUIVOCATION HERE IN DETERMINES OF WHAT THE EXISTING REVENUE STREAM IS FOR NEWSPAPERS AND... |
| 02:08:49 |
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WHAT DO YOU SAY TO THAT, MS. HUFFINGTON? |
| 02:08:51 |
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YEAH, I WAS NOT AROUND WHEN THE PRINTING PRESS WAS INVENTED. BUT IF I WERE AROUND, I WOULD IMAGINE... |
| 02:09:31 |
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LET ME INTERRUPT THREW FOR ONE MINUTE. IT'S A PRODUCT, IT'S CREATED BY SOMEBODY. IT'S AN INTELLECTUAL... |
| 02:09:40 |
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ABSOLUTELY. |
| 02:09:42 |
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WHY DO THEY NOT HAVE A RIGHT, WHY IS IT ANTIQUATED TO BELIEVE THEY HAVE A RIGHT TO BE PAID FOR THEIR... |
| 02:09:47 |
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NO, NO. THE FACT THAT THEY, THAT THEY WISH THAT WAS THE CASE IS NOT ANTIQUATED. THE FACT THAT IT CANNOT... |
| 02:10:00 |
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IS IT THAT IT CANNOT HAPPEN, BECAUSE THEY HAVE DECIDED TO PROVIDE IT FREE AND YOU CAN'T PUT THE HORSE... |
| 02:10:30 |
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I THINK IT'S A FALSE DICHOTOMY. I THINK YOU COULD SAY, WELL WITH THE PRODUCT WE HAVE TODAY, IT'S ... |
| 02:10:54 |
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LOOK, I'M AN OLD PROSECUTOR, TOO, AS CLAIRE MCCASKILL WAS, AND I REMEMBER THE REPORTERS SNIFFING AROUND... |
| 02:11:12 |
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I THINK IT CAN. SOME OF THE THINGS GOING WRONG IN THE NEWSPAPER INDUSTRY, ISN'T ABOUT THE ACTUAL JOURNALISM,... |
| 02:12:11 |
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I THINK EVERYBODY IS ALL FOR DOING THAT. BUT YOU STILL HAVE THE INITIAL QUESTION -- I MEAN THAT'S... |
| 02:12:18 |
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WAIT. |
| 02:12:21 |
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YOU'VE STILL GOT TO GET THEIR PRODUCT IN ORDER TO GET THERE. |
| 02:12:23 |
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WELL, SENATOR -- |
| 02:12:26 |
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SORRY, GO AHEAD. |
| 02:12:30 |
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YOU KNOW, THE DALLASNEWS.COM DOESN'T PUT UP PDF PAGES AND ATTRACT 50 MILLION PAGE-VIEWS A MONTH AND... |
| 02:12:44 |
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THEY'RE NOT DOING VERY MANY OF THE THINGS SHE WAS TALKING ABOUT. WE WANT TO PROVIDE MORE CONTEXT ... |
| 02:13:10 |
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WHAT WOULD YOU NEED TO BE ABLE TO DO THAT? |
| 02:13:13 |
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I GUESS I WOULD HAVE TO HAVE 30 TIMES 50, A BILLION FIVE, A BILLION 500 MILLION PAGE-VIEWS A MONTH,... |
| 02:14:11 |
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ABSOLUTELY WE HAVE A MUTUAL INTEREST. AND WHAT I BEGAN TO SAY IS THAT ERIC SCHMIDT, THE CEO OF GOOGLE,... |
| 02:15:39 |
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BUT SENATOR, THE KINDLE, WHICH I THINK IS A MARVELOUS DEVICE. THE BEST DEAL THAT AMAZON WILL GIVE... |
| 02:16:32 |
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I'D ALSO LIKE TO SPEAK TO THE TIME-SELECT EXPERIMENT. I THINK THAT ACTUALLY POINTS UP THE NEED FOR... |
| 02:16:53 |
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THEY SIMPLY WENT ELSEWHERE. |
| 02:16:54 |
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UNLESS EVERYBODY LOOKS UPON THIS, UNLESS THE NEWS HAS VALUE, UNLESS IT IS A PRODUCT AND UNLESS IT'S... |
| 02:17:10 |
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SENATOR, WE INTERRUPTED YOUR SESSION FOR A MOMENT. |
| 02:17:15 |
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OKAY, THANK YOU VERY MUCH. MR. CHAIRMAN. THANK YOU AGAIN. BEFORE I LEFT WE WERE TALKING ABOUT THE... |
| 02:18:16 |
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WELL AGAIN THERE'S TWO THINGS. ONE, IF THE INDUSTRY CAN COME TOGETHER, THERE'S A WHOLE DIFFERENT DISCUSSION... |
| 02:18:40 |
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RIGHT NOW YOU'RE PROHIBITED FROM TALKING TO NEWSPAPERS IN WHAT WAY? |
| 02:18:45 |
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WE CAN'T COME TOGETHER AND TALK ABOUT PRICING, FOR INSTANCE. I COULDN'T GET TOGETHER WITH OTHER NEWSPAPERS... |
| 02:19:29 |
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AND MS. HUFFINGTON, YOU TALK ABOUT HOW YOU DON'T WANT TO GO BACK IN THE WAY BACK MACHINE. AND IT SOUNDS... |
| 02:19:44 |
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NO, BUT IT IS MY UNDERSTANDING THAT NEWSPAPERS ARE ALREADY HAVING THESE CONVERSATIONS. MEAN THAT'S... |
| 02:19:59 |
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THAT THEY'RE ONGOING. |
| 02:20:00 |
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DO YOU WANT TO FINISH? MR. SIMON WAS NODDING HIS HEAD NO. |
| 02:20:04 |
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BUT THEY'RE DEFINITELY ONGOING CONVERSATIONS. AND NOTHING PREVENTS OR SHOULD PREVENT THAT. |
| 02:20:09 |
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THOSE CONVERSATIONS ARE SO LIMITED IN SCOPE, WE REALLY CAN'T COME TO SOME SORT OF BUSINESS MODEL,... |
| 02:20:20 |
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MY UNDERSTANDING IS MR. MURDOCH IS TALKSING TO HIS OWN PEOPLE WITHIN HIS OWN INSTITUTIONS. AND HE... |
| 02:20:45 |
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SO THE BALLOONS ARE OUT THERE. |
| 02:20:46 |
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WHEN YOU NEGOTIATE INDIVIDUALLY AS THE DALLAS PAPER, DES MOINES PAPER, MINNESOTA PAPER -- |
| 02:20:54 |
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HOW AGGREGATORS WOULD YOU HAVE TO NEGOTIATE WITH? |
| 02:20:57 |
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I ASSUME UTD START WITH GOOGLE AND AOL ANDREA HOO TO BEGIN BEGIN WITH. AND YOU WOULD PROBABLY GO TO... |
| 02:21:09 |
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MR. COLE, DO YOU WANT TO COMMENT? YOU'VE BEEN KIND OF QUIET OVER THERE. ON THE IDEA OF THE NEGOTIATION... |
| 02:21:20 |
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I HONESTLY DON'T HAVE A VIEW ABOUT THE ANTITRUST EXEMPTION. BUT THE NEWSPAPER'S COLLECTIVE EFFORTS... |
| 02:24:53 |
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LAST WORD? |
| 02:24:55 |
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I'D ALSO LIKE TO SECOND THAT. AND THIS IS WHERE I'M GOING TO HAVE TO PART COMPANY WITH MR. MORONI.... |
| 02:26:15 |
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SENATOR NELSON? |
| 02:26:16 |
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THANK YOU, MR. CHAIRMAN AND THANK YOU FOR HAVING THIS HEARING. AND I APOLOGIZE FOR BEING LATE. I'VE... |
| 02:28:49 |
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WELL FIRST OF ALL I'M FLATTERED BY YOUR RECOGNITION OF OUR FRIENDSHIP. I DON'T ACCEPT THE MANTLE OF... |
| 02:33:18 |
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AND IF YOU HAD THE LOCAL MODEL, DEDICATED TO THE NEWS, THEN PRESUMABLY YOU WOULD HAVE THE RESOURCES... |
| 02:33:29 |
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WELL, AND THAT'S THE BIG PRESUMPTION, I DON'T KNOW THAT YOU COULD MAKE THAT PRESUMPTION. I REMEMBER... |
| 02:35:04 |
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MAY I SAY, MR. CHAIRMAN, AND IN CONCLUSION AND THANK YOU FOR BEING VISIONARY YOURSELF AND HOLDING... |
| 02:35:57 |
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YOU GET HOME EARLY. |
| 02:36:00 |
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AND I WANT TO GET A QUICK SUMMARY OF THE NEWS. AND WE'VE BEEN DOING THIS ALL DAY. AND I TURN IT ON... |
| 02:36:38 |
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WELL, THANK YOU. I AGREE WITH YOU COMPLETELY. BEFORE WE WRAP UP HERE, LET ME JUST ASK A COUPLE OF... |
| 02:37:19 |
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I THINK THE TOTALITY OF THE QUESTIONS AND THE DISCUSSION HAS ANSWERED THAT IMPORTANT QUESTION BY DESCRIBING... |
| 02:38:52 |
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I WOULD AGREE WITH THAT. |
| 02:38:55 |
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WELL, I WOULD SECOND WHAT STEVE JUST SAID. THIS IS A TIME FOR EXPERIMENTATION INTO THE EXTENT THAT... |
| 02:40:14 |
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MS. HUFFINGTON? |
| 02:40:15 |
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FIRST OF ALL, I WOULD SAY SINCE THERE'S SO MUCH EMPHASIS TODAY ON LOCAL COVERAGE AND IT REALLY URGENTLY... |
| 02:42:19 |
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WELL SAID. I THINK IT'S A GOOD SEGUE IN CLOSING OUT THE HEARING IN THIS WAY. I SAID AT THE OPENING... |
| 02:49:27 |
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I WILL SEE HIM TOMORROW AND |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
