Via PaidContent:

“Universal CEO Doug Morris described these sites as “copyright infringers” during a Merrill Lynch investors’ conference speech on Tuesday . “The poster child for (user-generated media) sites are MySpace and YouTube,” said Morris, according to a transcript obtained by Reuters. “We believe these new businesses are copyright infringers and owe us tens of millions of dollars….How we deal with these companies will be revealed shortly.””

My prediction: In 20 years News Corp will still be around. Within 15, the big record labels will not be.