Google CEO says won't buy newspaper: report

LONDON Thu May 21, 2009 7:32am EDT

A man speaks on his mobile photo in front of the New York Times building in New York City May 21, 2009. U.S. Internet search engine operator Google has decided against acquiring a newspaper, the Financial Times reported, citing the company's chief executive and chairman, Eric Schmidt. There has been speculation that cash-rich Google could take advantage of a dip in advertising revenues to buy out struggling news organisations, with the New York Times seen as a potential target. REUTERS/Joel Boh

A man speaks on his mobile photo in front of the New York Times building in New York City May 21, 2009. U.S. Internet search engine operator Google has decided against acquiring a newspaper, the Financial Times reported, citing the company's chief executive and chairman, Eric Schmidt. There has been speculation that cash-rich Google could take advantage of a dip in advertising revenues to buy out struggling news organisations, with the New York Times seen as a potential target.

Credit: Reuters/Joel Boh

LONDON (Reuters) - Internet search engine operator Google has decided against acquiring a newspaper, the Financial Times reported, citing the company's chief executive and chairman, Eric Schmidt.

Google had considered buying a news publication but is now unlikely to do so because potential targets are either too expensive or have too many liabilities, the FT quoted Schmidt as saying in an interview with the paper's online edition.

A newspaper acquisition is also unlikely because Google is "trying to avoid crossing the line between technology and content," the paper quoted Schmidt as saying.

There has been speculation that cash-rich Google could take advantage of a dip in advertising revenues to buy out struggling news organizations, with the New York Times seen as a potential target.

Last week, New York Times board member Scott Galloway told Reuters he did not try to get Google to buy the company, denying an earlier media report.

(Reporting by Myles Neligan; Editing by Richard Chang)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.