News Corp Defends Print, Sees Consolidation In Book Sector

News Corp NWSA chief executive gave a full-throated defense of its newspaper business Tuesday, telling analysts that the value of print is increasing.

CEO Robert J. Thomson also said he sees potential for further consolidation in the book publishing sector and that News Corp's ebook business has been growing at 22 percent.

Thomson acknowledged a challenge in delivering digital news via smart phones and tablets,

"How do you monetize it? The canvas is smaller," Thomson said. "All of these things are up for grabs."

But Thomson said the company's print business is strong.

"The Journal quite candidly has been particularly good," Thomson said. "We feel comfortable about how it's progressing."

News Corp, which also publishes the New York Post, Times of London and other newspapers, acquired The Wall Street Journal in 2007 for $5 billion and has since taken a series of multi-billion dollar write-downs related to the deal.

"The relative value of quality print is increasing," Thomson said, adding that print advertising in the Journal from the finance, tech and luxury sectors are strong.

A prime advantage Thomson said, was News Corp's reputation for quality.

"There is so much rubbish that is passed off as journalism," Thomson said. "You go to Buzzfeed and you're in a strange place. There's limits to the number of numerical headlines, '17 ways to keep your cat happy.'"

But over a period of time, "instead of this quantification of content, advertisers will put a greater emphasis on quality," Thomson said.

News Corp, which split off its TV and film company in March as Twenty-First Century Fox Inc., is controlled by Chairman Rupert Murdoch and members of his family, through a dual class share structure.