New Tribune Owner Sam Zell Says Google Steals Content, Ad Dollars From Newspapers; Will Zell Lead Old Media To Victory Or Will Google Prove Too Powerful?
Sam Zell, the billionaire investor, is speaking out against Google (GOOG), saying the search engine giant is stealing content and advertising dollars from newspapers across the country. He wants the new media players to start paying more for the old world content they rely on. Can Zell and other men of old media like Sumner Redstone win - boosting newspaper and content stocks in the process? Or will Google flex its muscle and prove too powerful?
CNBC's Media and Entertainment Reporter Julia Boorstin joins the guys from Los Angeles to give some background on Zell’s comments. Certainly he is not the first media mogul to try and sue Google, Julia says - just look at Viacom’s (VIA) suit over YouTube content. Zell wants to be compensated by Google in the same way the Associated Press is paid for its content. He is not trying to effectively shut down Google’s news operations, she says, he just wants a piece of the pie.