Can Old Media Learn Technology?

If Rupert Murdoch has it right, old media companies need to become more like Google and Yahoo, i.e. technology companies:

MySpace, a social-networking Web site, soon will add free video downloads, revamp its instant-messaging program and eventually offer Internet calling, Mr. Murdoch told a media-investor conference sponsored by Citigroup Inc.

Murdoch has certainly drunk the koolaid –the question is whether lumbering old media can be nimble on the bleeding edge of technology…and avoid alienating its users.