Speaking at a dinner, media magnate Rupert Murdoch proclaimed an end to the reign of old school media barons. Why? Well the internet and little things called blogs have devolved...

Speaking at a dinner, media magnate Rupert Murdoch proclaimed an end to the reign of old school media barons.  Why?  Well the internet and little things called blogs have devolved power to the masses.

Power is moving away from the old elite in our industry – the editors, the chief executives and, let’s face it, the proprietors. A new generation of media consumers has risen demanding content delivered when they want it, how they want it, and very much as they want it.

Is that why he spent $400m on MySpace.com?

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