"We made a decision to focus primarily on user-generated content, and not on businesses where we would own the content, " said Schmidt, adding that Google preferred partnerships with news companies as opposed to owning them and that Google views itself as a tools maker not a media content owner.

Larry Page, Google’s co-founder and largest shareholder, added that his company could play a role in opening journalism to more participants. "There is some small number doing what you do. That number is probably too small, given the impact that you have on the world and the good that you do," he said.

Source: Reuters