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"Facebook and Google have popularised scurrilous news sources through algorithms that are profitable for these platforms but inherently unreliable," Murdoch, who controls the Wall Street Journal as executive chairman of News Corp, said in a statement.
Facebook Inc Chief Executive Mark Zuckerberg said on Friday his company would fight misinformation and sensationalism on its platform by using member surveys to identify "trustworthy" outlets.
"There has been much discussion about subscription models but I have yet to see a proposal that truly recognizes the investment in and the social value of professional journalism," Murdoch said.
The quality of news on Facebook has been called into question after alleged Russian operatives and spammers spread false reports on the site, including during the 2016 U.S. election campaign.
Facebook and Google did not immediately respond to requests for comment,