Steve Swartz on corporate finance
From Steven Swartz on Hearst, Trust, and the Future of Media | Enduring Excellence · · The University of Chicago Graham School
“We've made about $19 billion of acquisitions, about $4 billion in the consumer space and about 15 billion in the B2B space. You know, we're just very fortunate our businesses generate a lot of free cash. We're very fortunate that the acquisitions we've done have, by and large, done what we hoped they would do. So they are generating a lot of cash. You know, we have borrowed occasionally not so much to make an acquisition, but when rates were just super low, we added more dry powder. But when one says one has no net debt, that means you have so much cash in the bank. That is, that is that is not tied to borrowing that you could pay off your borrowings and we could pay off our borrowings this morning and still have a massive cash hoard for, you know, a rainy day for difficulties, for for recessions and stagflation or whatever the world throws at us.”
On , Steve Swartz, CEO of Hearst Corporation at Hearst Corporation, spoke about corporate finance 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.