Chernin said the Murdoch-owned News Corp. — whose assets include 20th Century Fox, the FX and Fox News channels, a controlling stake in satellite broadcaster Direct TV, the New York Post and The Times of London — will likely be looking to auction off social networking site MySpace.com’s search capabilities to Microsoft, Yahoo or Google.

The effort is needed to make money off of the highly trafficked site, Chernin said. He believes News Corp. must find “the sweet spot, the unique opportunity we have that no one else can duplicate” (MarketWatch).

The MarketWatch article also notes how search-based advertising has become the best source of online ad revenue. While News Corp. is admittedly “too late” to get in the running with its own search engine, it clearly understands the possibilities associated with a partnership with an established search giant.

Chernin on technological change, as reported by the Chicago Tribune: “The management challenge in that is a psychological challenge. You can sit here in one of these positions and say: ‘Oh, my God, everything’s changing. How am I going to protect my DVD business? How am I going to protect my broadcast business? How am I going to protect my newspaper business?’ And I think the management challenge is to avoid that at all costs.”

Source: CNN Money, MarketWatch, Chicago Tribune, Financial Times (through I Want Media)