The newspaper business has been absolutely decimated over the past decade as many news organizations adapted slowly to the changes brought forth by the Internet. But one of the men partly responsible for helping to usher in the new era of digital media (and advertising) is hopeful about the future of news. And he actually believes companies can make money off it.

Google CEO Eric Schmidt -- speaking at the American Society of News Editors annual meeting in Washington D.C. -- reportedly said that high-quality journalism will prevail. Politico's Jake Sherman has a detailed report on Schmidt's remarks, including the high-tech executive's advice for making money off content on the Web.

As has become a common refrain in the news media business, Schmidt also noted that there's more of a business model problem than a news problem facing the industry.

The Associated Press also covered the speech, getting a mixed reaction from some of the editors in the crowd.