"We believe the media have a social responsibility to promote world peace by sharing news and information about everyday events and by furthering mutual understanding in a way that goes beyond the limits of countries and regions," said President of Kyodo News Satoshi Ishikawa.

Editor-in-Chief of Reuters David Schlesinger stressed the media's role in promoting a healthy market economy by providing transparency against the backdrop of global financial crisis.

Schlesinger said the role of financial media was central to delivering the objectives of informed and transparent financial markets, as well as the social stability that depends upon economic success.

Coping with challenges

Major media houses also discussed how to cope with challenges in the digital era.

According to the world's search engine giant Google, a co-sponsor of the WMS, the Internet has changed the world profoundly over the past 10 years -- 2 billion people now search information online every day and 100 billion non-spam emails and instant messages were sent every day.

All news organizations face the same mission -- get all the way across the burning bridge from analog to digital journalism and to make the difficult choices that this crossing presents, said Associated Press President and CEO Thomas Curley.

Chairman and CEO of News Corporation Rupert Murdoch said media organizations should "adapt and adopt" as they were confronted by "unprecedented change and challenge" amid a digital revolution.

"Media companies know that if you do not respond intelligently and creatively to the digital challenge, your future will be bleak indeed,"

Murdoch said global media had been "submissive" as the flat-earthers insisted that all news content on the Internet should be free.

Curley called on news providers to find breakthroughs to common challenges and become "game-changers."

To give an example, he said an arc was introduced onto the basketball court in 1986, which immediately changed the game as teams were rewarded with three points for successes behind the new line.

"The small changes drive real innovation," Curley said.

Jeffrey Gralnick, an NBC News special consultant, called on media houses to "think small in big ways" when tackling the current challenges.