Steve Swartz on labor policy
From Steven Swartz on Hearst, Trust, and the Future of Media | Enduring Excellence · · The University of Chicago Graham School
“During the pandemic, we said, you know, in this in this world and particularly in this country, whether you like it or not, most people get their health care from their employer. So there can be no layoffs. During the pandemic. We had businesses that lost money during the pandemic, but we were able to say no. Now, do we have times when one of our companies just the world changes and we just have people that we no longer need doing a job that just doesn't make sense anymore. Yes, we're not immune from that. But we said during the pandemic, you everyone stays because everyone needs the health care. Now, there were other companies that were in such difficult shape, they had to furlough people or lay off people or whatever, and we were able to do that. Yes, we were good people and we focus on our mission. But a lot of other people were good, too, and had to make choices because they were in difficult financial shape. They had too much debt. They, they just did not have that rainy day fund. But we very much maniacally focus on having a fortress balance sheet plenty of cash in the bank so that whatever the world sends at us, we will get through it.”
On , Steve Swartz, CEO of Hearst Corporation at Hearst Corporation, spoke about labor policy during Steven Swartz on Hearst, Trust, and the Future of Media | Enduring Excellence on The University of Chicago Graham School.
About Steve Swartz
Steven Swartz, president and CEO of Hearst Corporation, discussed the company’s evolution and strategy during a May 7, 2026, conversation in the Enduring Excellence series hosted by the University of Chicago’s Graham School. Swartz stated that media now accounts for about 40% of Hearst’s profits, while 60% comes from B2B and medical data and software businesses, with the Fitch bond rating group being the largest. He described the company’s newspaper operations as a civic mission, noting that while it is “not the best business if you want to look at growth or margins,” Hearst invests heavily in journalism. Swartz also said that over the last 15 years, Hearst has made approximately $19 billion in acquisitions, with about $15 billion in the B2B space, and that the company has no net debt. Swartz emphasized the importance of financial discipline in maintaining the company’s mission, stating that during the pandemic, Hearst avoided layoffs because “most people get their health care from their employer,” a decision enabled by what he called a “fortress balance sheet.” He attributed the company’s 140-year longevity to a strong sense of mission combined with business discipline, and said that when mission and business results come into tension, the company prioritizes mission while ensuring it has sufficient cash reserves to withstand adverse events.