Jeff Jarvis wrote an interesting piece on Google's response to the Federal Trade Commissions draft document on the future of journalism. As Jarvis points out this is more about "protecting the old power structure of media" than the mentioned reinvention of the news industry.

The move to protect journalism, it's integrity and value is indeed an important one but it is worrying to see the FTC focus on protecting the old model rather than trying to work out a new one. This bias towards traditional media may prove that the industry and its regulators have very little foresight to what is actually going on. He points to a great segment where Google basically explains the reality of the situation in no uncertain terms.
"The large profit margins newspapers enjoyed in the past were built on an artificial scarcity: Limited choice for advertisers as well as readers. With the Internet, that scarcity has been taken away and replaced by abundance. No policy proposal will be able to restore newspaper revenues to what they were before the emergence of online news. It is not a question of analog dollars versus digital dimes, but rather a realistic assessment of how to make money in a world of abundant competitors and consumer choice."
The idea that the FTC may consider regulating the industry and in the process penalize services such as aggregators and search engines is frightening. Fact is, the internet is changing the way people consume and find news and while it may be a painful transition the industry can find models that will work without heavy handed regulation. Or as Google puts it — "[T]he current challenges faced by the news industry are business problems, not legal problems."