Click here for the full transcript from the Reuters site. The meatiest nugget:

“It used to be thought - and I include myself in this - that help was on the horizon. New forms of communication would provide new outlets to by-pass the increasingly shrill tenor of the traditional media. In fact, the new forms can be even more pernicious, less balanced, more intent on the latest conspiracy theory multiplied by five.

But here is also the opportunity. At present, we are all being dragged down by the way media and public life interact. Trust in journalists is not much above that in politicians. There is a market in providing serious, balanced news. There is a desire for impartiality. The way that people get their news may be changing; but the thirst for the news being real news is not.

The media will fear any retreat from impact will mean diminishing sales. But the opposite is the case.

They need to re-assert their own selling point: the distinction between news and comment.

And there is inevitably change on its way. The regulatory framework at some point will need revision. The PCC is for traditional newspaper publishing. OFCOM regulate broadcasting, except for the BBC, which largely has its own system of regulation. But under the new European regulations all television streamed over the internet may be covered by OFCOM.

As the technology blurs the distinction between papers and television, it becomes increasingly irrational to have different systems of accountability based on technology that no longer can be differentiated in the old way.

How this is done is an open question and, of course, the distinction between balance required of broadcasters but not of papers remains valid. But at some point the system is going to change and the importance of accuracy will not diminish, whilst the freedom to comment remains.”

Respect.

The reaction was mixed: The Independent (badge of honour); The Sun (ill-advised); The Guardian (hard to dispute) …

Meanwhile, in the real world, most of us now get our news from Gawker…