News Corp. Has E-Book Epiphany - TheStreet

Amazon's

(AMZN) - Get Report

Kindle lit a fire that's now swept up

News Corp.

(NWS) - Get Report

.

Rupert Murdoch, chairman of News Corp., which owns media outlets like

The Wall Street Journal

,

New York Post

and MySpace, said the company is exploring a wireless e-book device strategy with manufacturers for a product similar to the

Kindle

, according to reports by

Reuters

and

Bloomberg

.

Like the fading music industry, the news business

needs its own iPod moment

to move into the digital age, wrote

New York Times

(NYT) - Get Report

Media columnist David Carr about four years ago.

This could be that moment.

var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 21724184001; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8);

Murdoch told

TheStreet's

own Dan Freed last week that he has feared the news industry would be destroyed at the hands of news indexers on the Internet. He continues to be an outspoken critic of Internet news aggregators like

Google

(GOOG) - Get Report

and

Yahoo!

(YHOO)

that distribute copyright material with little or no money flowing back to the media companies.

Murdoch seems ready to take the digital distribution process into his own hands with a wireless device that he expects to have available in "a year or two."

As for how to collect the money, Murdoch suggested to

TheStreet

it would be less like an

Apple

(AAPL) - Get Report

iTunes small payment approach, and more like a recurring service charge.

"We're still thinking our way through this, and there will be micropayments as part of it," Murdoch said. "But I'm thinking much more along the lines of subscriptions like

The Wall Street Journal

does."

In addition to Amazon,

Sony

(SNE) - Get Report

makes an e-book reader, and

Barnes & Noble

(BKS) - Get Report

is

rumored to be considering one

.