Steve Swartz on copyright
From Steven Swartz on Hearst, Trust, and the Future of Media | Enduring Excellence · · The University of Chicago Graham School
“I agree with you that that is quite troubling. And we try to block these companies, but they seem to be very good at getting around anything that we block. So at some point, there probably needs to be some regulation or some adjudication through a lawsuit. We haven't done that yet, but others have been more aggressively going down that angle. But yeah, it's, it's troubling. It's, it's one thing, you know, we have, we have business arrangements with some of the large language models like OpenAI, where we do license them our stuff. And that's great. But yeah, when you come and take it, particularly when it's behind a paywall. Now, I know the fact that a lot of media organizations, including some of ours, were having their stuff out there for free. And then the question is, well, if you put it out for free anyway. But even there, yes, we put it out for free, but we were monetizing it through advertising. If somebody takes it and takes our ability to monetize it in a way that's not really right either. So yeah, there are some troubling things. I think by and large, the whole move to large language models is going to prove to be good or cause more positives than negatives. At least I hope we can manage it that way.”
On , Steve Swartz, CEO of Hearst Corporation at Hearst Corporation, spoke about copyright 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.