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Wants to make Wall Street Journal "best in the world."

Talking at the Cannes International Advertising Festival today, Rupert Murdoch said he's going to build the Wall Street Journal to be the "best in the world." He added that regardless of the existing economic conditions, he will continue to invest heavily in the financial property.

"First I want to make the paper the best in the world. We will plough on regardless of economic conditions," said Murdoch.

News Corp. (NYSE:NWS-A) president Peter Chernin spoke at the Festival also, saying the financial market worldwide is a great opportunity for them, as a new monied class is arising all over the place, which the Wall Street Journal is uniquely positioned to take advantage of.

Murdoch also asserted that in the top 10 percent income bracket across the world there is a huge demand for information.

In the recent past Murdoch has talked about the need to continually differentiate the Wall Street Journal, as commoditized information is rampant, so they'll have to build up their premium content to continue to differentiate from those offering similar information.

"Underneath we want a very specialised financial service, we now charge over $100, we are the only ones that have succeeded in charging. We can expand it, make it better, there is so much that can be done," he said.

That means the Wall Street Journal will continue to offer its general information for free online, while making its premium content even better. In other words it'll be a hybrid in the foreseeable future.

With News Corp. being in a fairly strong position, Murdoch and Chernin also look at the current state of the economy as a great opportunity to increase market share as weaker competitors struggle or go extinct.

Murdoch reiterated the advice that good brands should continue to market strongly during these times of economic pressure.