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Arianna And AOL CEO Tim Armstrong Address The National Press Club (VIDEO)

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Arianna and AOL CEO Tim Armstrong appeared at the National Press Club on Friday to discuss journalism and where they see the business going in the future.

Among other insights, Armstrong explained that in the current journalism landscape, "people aren't transparent about what they believe in before they write things, and that's something that we would like to see in the future is more transparency around journalists and what they believe in before stories get written." He also explained that it's important to create a product for an age in which many people consume news on smart phones rather than physical newspapers.

Arianna explained that that "media is in an incredible time of transition." In reference to the recent scandal involving the British tabloid News of the World, she said, "it was new media that played a huge part in bringing the News of the World down so fast."

Speaking about the new media vs. old media debate, Arianna said, "the unique ability of new media is to stay on a story and doggedly stay on a story until we have an impact. Until we break through." She continued, "the future belongs to those who bring together the best of old media, fact-checking, accuracy, transparency, and the best of new media, which is interactivity, engagement with our readers, and real-time provision of information."

WATCH (via C-SPAN):