>> FUNDING FOR "OVERHEARD" WITH

EVAN SMITH IS PROVIDED IN PART

BY MFI FOUNDATION, IMPROVING THE

QUALITY OF LIFE WITHIN OUR

COMMUNITY.

AND FROM THE TEXAS BOARD OF

LEGAL SPECIALIZATION, BOARD

CERTIFIED ATTORNEYS IN YOUR

COMMUNITY.

EXPERIENCED, RESPECTED AND

TESTED.

ALSO BY HILLCO PARTNERS, TEXAS

GOVERNMENT AFFAIRS CONSULTANCY,

AND ITS GLOBAL HEALTH CARE

CONSULTING BUSINESS UNIT, HILLCO

HEALTH, AND BY THE ALICE KLEBERG

REYNOLDS FOUNDATION AND VIEWERS

LIKE YOU, THANK YOU.

>> I'M EVAN SMITH.

"THE WASHINGTON POST,"

PREVIOUSLY EDITED

"THE~BOSTON~GLOBE" WHERE HE AND

HIS COLLEAGUES WON SIX PULITZER

PRIZES, JOURNALISM'S HIGHEST

HONOR.

HE'S MARTIN BARON, THIS IS

"OVERHEARD."

>> I GUESS WE CAN'T FIRE HIM

NOW.

>> THE NIGHT THAT I WIN THE

EMMY.

>> BEING ON THE SUPREME COURT

WAS AN IMPROBABLE DREAM.

>> IT'S HARD WORK AND IT'S

CONTROVERSIAL.

>> WITHOUT INFORMATION THERE IS

NO FREEDOM AND IT'S JOURNALISTS

WHO PROVIDE THAT INFORMATION.

>> WINDOWS ROLL DOWN, THIS GUY

SAYS, HEY, IT GOES TO 11.

[ LAUGHTER ]

>> MARTY BARON, WELCOME.

>> THANK YOU.

>> NICE TO SEE YOU.

>> IT'S BEEN FIFTEEN MONTHS OR

SO, THE BIG JOB AT THE

WASHINGTON POST, GRADE YOURSELF,

HOW DO YOU THINK YOU'VE DONE,

ASSESS YOUR OWN WORK.

>> SURE, WELL, I'LL GRADE

OURSELVES AS A GROUP, NOT MYSELF

PERSONALLY, I THINK THE POST HAS

DONE A TERRIFIC JOB.

OUR WORK, THE WORK THAT WE DID

ON THE N.S.A. WAS AT THE LEADING

EDGE OF THAT STORY.

>> AND LET'S HOPE IT'S REWARDED

APPROPRIATELY AT THE -- AT THOSE

MOMENTS, IT WILL COME SOON,

LET'S HOPE.

>> FROM YOUR LIPS TO GOD'S EARS.

>> YEAH.

>> THE WORK THAT WE DID ON THE

GOVERNOR OF VIRGINIA, ACTUALLY

LED TO HIS INDICTMENT, WE DID

WORK ON ABUSE OF TAX LIENS, THAT

WAS TREMENDOUS.

GREAT NARRATIVE WORK BY ONE OF

OUR OUTSTANDING WRITERS ABOUT

THE FOOD STAMP PROGRAM AND

TAKING A DEEP LOOK AT THAT, I

THINK ACROSS THE BOARD THE

JOURNALISM WAS OUTSTANDING.

>> ISN'T IT AMAZING TO TALK

ABOUT JOURNALISM IN JOURNALISM,

WE SPEND A LOT OF TIME TALKING

ABOUT THE JOURNALISM END OF THAT

PHRASE, YOU SOUND LIKE AN OLD

SCHOOL GUY TALKING ABOUT

JOURNALISM.

>> I LIKE THE WORD JOURNALISM, I

DETEST THE WORD CONTENT.

>> I'LL MAKE A NOTE OF THAT.

>> I HAVE TO USE IT WITH MY

BUSINESS COLLEAGUES, THAT'S THE

WORD THEY USE FREQUENTLY.

BUT THE FACT IS THAT IF YOU SAY

"CONTENT", IT'S AS IF YOU WERE

SAYING THE WORD "STUFF", IT

DOESN'T HAVE ANY REAL MEANING,

JOURNALISM DOES HAVE MEANING.

WE'RE TRYING TO FIND WHY THINGS

HAPPENED, WHERE THEY'RE HEADED,

WHO'S BEHIND IT, THERE'S A

DEEPER LEVEL OF MEANING, I THINK

THE WORD JOURNALISM IS VERY

IMPORTANT.

>> YOU'VE SEEN IF NOT ENTIRELY A

CERTAIN AMOUNT OF COMFORT.

MAYBE IT IS ENTIRELY COMFORT IN

MOVING INTO A LOT OF THESE

ADDITIONAL PLATFORMS THAT

JOURNALISM ORGANIZATIONS, NEWS

ORGANIZATIONS OBLIGATED TO OWN

THESE DAYS, IT'S NOT JUST THE

WRITTEN WORD ON THE PRINTED

PAGE, IT'S VIDEO AND SOCIAL

MEDIA AND SORT OF THE WHOLE

PANOPLY OF THINGS, THIS IS WHAT

WE DO.

>> WE HAVE WONDERFUL NEW TOOLS,

VERY POWERFUL NEW TOOLS, THEY'RE

NOT CONTRARY TO GOOD JOURNALISM.

>> YOU THINK THEY'RE CONSISTENT

WITH THE KIND OF STORY TELLING.

>> THEY'RE CONSISTENT WITH STORY

TELLING.

THEY ALLOW US TO DO STORY

TELLING AT A MUCH DEEPER LEVEL,

USE VIDEO, GIVE A SENSE OF THE

PERSON, PROVIDE ORIGINAL

DOCUMENTATION THAT PEOPLE MIGHT

WANT TO SEE THAT ACTUALLY ADDS

CREDIBILITY TO THE WORK THAT WE

DO, THAT ENGAGES THE AUDIENCE,

THAT ALLOWS THEM TO PARTICIPATE,

THAT ACTUALLY USES THEM AS

REPORTING RESOURCES FOR US AS

WELL, THE PUBLIC IS EXTREMELY

KNOWLEDGE ABOUT A LOT OF

SUBJECTS, MORE KNOWLEDGEABLE

THAN WE ARE, AND WE CAN USE THEM

TO OUR ADVANTAGE TO ACTUALLY

TELL STORIES.

>> ONE WOULD BE FORGIVEN BASED

ON YOUR AFFECT TODAY, YOU'RE

SAYING THIS IS A GOOD TIME TO BE

IN THE BUSINESS WE'RE IN.

>> I THINK IT IS A GOOD TIME.

>> A MINORITY POSITION.

>> I HAVEN'T TAKEN THAT SURVEY,

I DON'T KNOW IF IT'S A MINORITY

POSITION, BUT I REALLY DO FEEL

IT'S A GOOD TIME TO BE IN THE

BUSINESS, FIRST OF ALL, WE'RE

REACHING FAR MORE PEOPLE THAN

WE'VE EVER REACHED BEFORE.

>> ACROSS A VARIETY --

>> THE WASHINGTON POST HAS

30 MILLION PEOPLE COMING TO ITS

WEBSITE, THAT'S HUGE, THAT'S FAR

MORE THAN WE WERE ABLE TO

ACHIEVE BEFORE.

>> THAT'S ALL GOOD?

>> IT'S ALL GOOD.

AS I MENTIONED, WE HAD STORY

TELLING TOOLS AVAILABLE TO US

THAT WE DID NOT HAVE BEFORE, SO

WE CAN EXTEND OUR REACH.

WE CAN TELL STORIES IN NEW WAYS,

TELL STORIES IN PARTICULARLY

EFFECTIVE WAYS, WAYS THAT ENGAGE

A BROAD AUDIENCE AND I THINK

THERE ARE ENORMOUS CHALLENGES IN

OUR BUSINESS.

I'M NOT DENYING THAT.

I'M NOT A POLLY ANNA, ENORMOUS

PRESSURES, I'VE BEEN SUBJECT TO

THEM, EVERYBODY HAS BEEN SUBJECT

TO THEM, THEY'RE VERY DIFFICULT,

THAT DOESN'T MEAN WE DON'T HAVE

A FUTURE, THAT DOESN'T MEAN THAT

WE SHOULDN'T BE OPTIMISTIC, I

THINK WE SHOULD FOR A VARIETY OF

REASONS.

>> IF YOU COME OUT AND YOU GO BY

THE WASHINGTON POST, WHAT YOU'RE

GOING TO SEE IS OPPORTUNITY,

RIGHT?

THE POINT OF THIS, THE UNREST,

THIS TURMOIL THAT WE LIVE IN

EVERY DAY HAS NONETHELESS

CREATED OPPORTUNITY FOR SMART

YOUNG PEOPLE TO COME UP WITH NEW

WAYS OF DOING THINGS.

IT'S CREATED ESSENTIALLY NEW JOB

DESCRIPTIONS, AT PLACES LIKE THE

POST.

THAT'S A GOOD THING, AND YOU'RE

COMFORTABLE WITH THAT KIND OF

EVOLUTION.

>> I'M EXCITED ABOUT THAT,

ACTUALLY.

WE HAVE A WHOLE NEW GROUP OF

PEOPLE COMING INTO OUR BUSINESS

WHO ARE DIGITAL NATIVES, THEY

GREW UP -- YEP, FIRST

GENERATION.

>> THAT'S THEIR NATIVE LANGUAGE,

FOR PEOPLE LIKE ME, WE'RE

LEARNING THAT, IT SHOWS SOME

TIMES THAT WE'RE STILL IN THE

PROCESS OF LEARNING, FOR YOUNG

PEOPLE, THEY'VE GROWN UP WITH

THIS FROM THE VERY BEGINNING,

THEY DON'T KNOW ANOTHER

LANGUAGE, SO THEY KIND OF SPEAK

WITHOUT AN ACCENT IN THIS

BUSINESS AND THAT'S AN INJECTION

OF NEW ENERGY, NEW KNOWLEDGE,

THAT WE DIDN'T HAVE BEFORE, AND

FOR THEM THERE ARE TREMENDOUS

OPPORTUNITIES BECAUSE WE'RE

BECOMING AN ENTREPRENEURIAL

BUSINESS, WE'RE BECOMING MUCH

MORE OF A TECHNOLOGY BUSINESS,

THAT'S VERY EXCITING, IT CREATES

TREMENDOUS OPPORTUNITIES FOR

YOUNG PEOPLE IN MEDIA AT LARGE,

IF NOT JUST THE LEGACY

INSTITUTIONS OF "THE WASHINGTON

POST", "THE NEW YORK TIMES," THE

"WALL STREET JOURNAL," WE'RE

TALKING ABOUT MEDIA INSTITUTIONS

THAT ARE CROPPING UP THAT ARE

GROWING UP OVERNIGHT.

>> THE COMPETITIVE SET HAS

CHANGED, THERE ARE ORGANIZATIONS

YOU'RE COMPETING WITH WHO YOU'RE

CONSIDERING TO BE YOUR

COMPETITION PROBABLY WHO YOU

NEVER THOUGHT WOULD BE IN THE

WATER WITH YOU.

>> IT'S A FAR MORE COMPETITIVE

INDUSTRY.

I OFTEN TALK ABOUT WHAT DOES IT

START TO TAKE AN INTERNATIONAL

TELEVISION NETWORK, TURN ON YOUR

COMPUTER AND TURN ON YOUR

CAMERAS.

>> THE BARRIERS TO ENTRY HAVE

BEEN OBLITERATED.

>> THEY SEE ENTREPRENEURIAL

OPPORTUNITIES, VENTURES THAT

THEY CAN START AND WE'RE

COMPETING WITH ALL SORTS OF

ENTITIES THAT HAVE BEEN IN

EXISTENCE FOR A LONG, NOT A LONG

WHILE, GOOGLE, FACEBOOK,

TWITTER, THINGS LIKE THAT.

>> WE DON'T THINK OF THEM AS

MEDIA COMPANIES.

>> THEY ARE MEET I CAN'T

COMPANIES AND THEY DEFINITELY

ARE OUR COMPETITION.

>> IS THE MATERIAL DIFFERENT

BETWEEN "THE BOSTON GLOBE" AND

"THE WASHINGTON POST".

YOU SPENT A DOZEN YEARS AT "THE

GLOBE", HAD GREAT SUCCESS.

"THE WASHINGTON POST" IS "THE

WASHINGTON POST".

WE'RE SITTING HERE IN THE 40th

ANNIVERSARY YEAR OF RICHARD

NIXON'S RESIGNATION DRIVEN

ENTIRELY BY THE REPORTING OF THE

WASHINGTON POST, YOU CAN SAY HE

HAD MADE HIS OWN BED, BUT YOU

CAUSED HIM TO SLEEP IN IT.

YOU KNOW, "THE WASHINGTON POST"

IS ONE OF THESE NATIONAL,

INTERNATIONAL KIND OF COSMIC

UNIVERSAL BRANDS, I'M JUST

WONDERING WHAT THAT SHIFT FOR

YOU HAS BEEN LIKE, OR

ESSENTIALLY YOU COVER UP THE

NAME PLATE AND A NEWSPAPER IS A

NEWSPAPER IS A NEWSPAPER.

>> SURE.

WELL, I WAS AT "THE GLOBE" FOR A

LITTLE SHY OF A DOZEN YEARS AND

I THINK WE DID TREMENDOUS WORK,

I THINK IT'S IMPORTANT TO

REMEMBER THE TREMENDOUS WORK

THAT WAS DONE THERE, THE

INVESTIGATION OF THE CATHOLIC

CHURCH, THE CONCEALMENT OF THAT

ABUSE FOR DECADES BE AT THIS

ARCHDIOCESE OF BOSTON AND THE

CHURCH AT A BROADER LEVEL AS

WELL, THAT HAD AN IMMEDIATE

IMPACT BUT HAS AN IMPACT THAT

CONTINUES TO THIS DAY.

SO AN INSTITUTION LIKE

"THE~BOSTON~GLOBE", POWERFUL

JOURNALISTIC INSTITUTION CAN

HAVE A WORLDWIDE IMPACT AND IT

DID IN THAT INSTANCE, AS FAR AS

"THE WASHINGTON POST" IS

CONCERNED, IT ALREADY HAS A

NATIONAL -- A NATIONAL AND AN

INTERNATIONAL PLATFORM, IT'S ONE

THAT WAS CERTAINLY ESTABLISHED

VERY MUCH IN THE WATER GATE ERA

AND GREW FROM THAT POINT AND IT

STILL DOES TO THIS DAY.

THERE'S A RECOGNITION ON MY PART

THAT I GO TO AN INSTITUTION WITH

A STORIED HISTORY.

>> BIG SHOES TO FILL.

>> BIG SHOES TO FILL, BUT, YOU

KNOW, A HISTORY THAT ACTUALLY

INSPIRES ME RATHER THAN

INTIMIDATES ME.

IT GIVES ME A PURPOSE, I ALREADY

HAD THE PURPOSE, BUT IT'S A

GREAT MOTIVATOR AS WELL.

>> YET, YOU TOLD THE NEW

REPUBLIC WHEN YOU STARTED IN

THIS JOB, THAT YOU THOUGHT ONE

OF THE WAYS IN WHICH THE POST

COULD DO A BASIC WORK WAS METRO

AND LOCAL.

YOU WERE TALKING ABOUT THE

IMPORTANCE OF "THE WASHINGTON

POST" AS A PAPER FOR WASHINGTON,

WHEN MANY OF US THINK ABOUT "THE

WASHINGTON POST" CASUALLY, WE

THINK OF IT AS A NATIONAL BRAND

ALONGSIDE "THE NEW YORK TIMES"

AND "WALL STREET JOURNAL," THERE

ARE FEW NATIONAL MEDIA BRANDS IN

PRINT, THE POST WAS ONE, YOU

TALKED ABOUT METRO AND LOCAL,

I'LL GRANT YOU VINCENT GRAY HAS

BEEN THE GIFT THAT KEEPS ON

GIVING IN THE MAYOR'S OFFICE IN

DC, SADLY THAT GIFT IS COMING TO

AN END, WITH THE RECENT PRIMARY

RESULTS, I CAN UNDERSTAND WHERE

THE MATERIAL IS RICH, BUT REALLY

A METRO AND LOCAL FOCUS.

>> WELL, I DIDN'T SAY TO THE NEW

REPUBLIC THAT "THE WASHINGTON

POST" --

>> NOT TO THE EXCLUSION OF

EVERYTHING ELSE.

>> WHAT I SAID IS THAT "THE

WASHINGTON POST" NEEDED TO BE

STRONG IN ITS LOCAL COVERAGE.

YOU MENTIONED WASHINGTON, D.C.,

WITH YOU WE COVER THE STATE OF

VIRGINIA.

AND MARTIN O'MALLEY, THE

GOVERNOR THERE IS CONTEMPLATING

THE POSSIBILITY OF RUNNING FOR

PRESIDENT, WE'LL SEE.

>> OR VICE PRESIDENT.

>> OR WHO KNOWS WHAT.

SO WE HAVE A GREAT TERRITORY TO

COVER, WE SHOULD BE VERY GOOD AT

THAT, I LOOK AT THIS AS LOCAL

COVERAGE AS SORT OF THE ROOTS OF

THE TREE.

ANY STRONG TREE HAS TO HAVE VERY

STRONG ROOTS BUT IT HAS THE

TRUNK AND IT HAS THE BRANCHES

AND THE ROOTS FOR METROPOLITAN

NEWSPAPER LIKE THE POST, EVEN

THOUGH IT HAS AINGS IN AAL AND

INTERNATIONAL PORTFOLIO ARE IN

ITS LOCAL COVERAGE.

IT HAS TO BE EXCELLENT AT THAT.

IT ALSO HAS TO BE EXCELLENT AT

OTHER THINGS.

>> YOU HAVE TO DEVOTE THE

RESOURCES TO THE ROOTS AND THAT

IS REALLY A QUESTION FOR ANY

EDITOR, ANYBODY IN YOUR POSITION

THESE DAYS IS FINITE RESOURCES,

EVEN IF YOU'RE OWNED BY THE

GREAT BEZOS AS "THE WASHINGTON

POST" HAPPENS TO BE.

WE'LL TALK ABOUT THAT FOR A

SECOND.

THE TAP IS NOT TURNED ON FOREVER

AND AT ALL TIMES.

YOU HAVE TO THINK ABOUT HOW DO

YOU TAKE THE RESOURCES AVAILABLE

AND ALLOCATE THEM N THE CASE OF

METRO AND LOCAL, THAT IS

PRESUMABLY CHEAPER COVERAGE TO

PAY FOR INSTEAD OF SENDING

SOMETHING TO SOME FAR FLUNG

PLACE TO DO INTERNATIONAL

COVERAGE.

>> I'M NOT SO SURE THAT'S TRUE,

I THINK IT'S VERY HARD TO SORT

OF FIGURE OUT THAT EQUATION,

BECAUSE IF YOU'RE WRITING ABOUT

NATIONAL AND INTERNATIONAL

STORIES, YOU'RE REACHING A

NATIONAL AND INTERNATIONAL

AUDIENCE, AND SO, YEAH, SURE,

IT'S MORE EXPENSIVE TO DO ANY

ONE PARTICULAR STORY,

PARTICULARLY IF YOU HAVE TO DO A

LOT OF TRAVEL BUT WHAT YOU GET

OUT OF IT IS MORE LIKELY A

LARGER AUDIENCE, SO -- I DON'T

KNOW WHAT THE EXACT SPLIT SHOULD

BE, I DON'T KNOW IF ANYONE

KNOWS.

FOR "THE WASHINGTON POST" WE

NEED TO DO ALL OF THAT.

>> THERE'S METRO AND LOCAL IN

THE CONVENTIONAL SENSE COVERING

VIRGINIA, MARYLAND AND ALL OF

THAT, POLITICS IN THE NATION'S

CAPITAL SINCE IS KIND OF LOCAL

FOR YOU TOO.

IT SEEMS LIKE IF YOU DIDN'T OWN

THAT SPACE OR COOWN IT WITH SOME

OTHER FOLKS, IT WOULD BE A REAL

FAILING.

HOW DO YOU THINK YOU'VE DONE IN

TERMS OF COVERING NATIONAL

POLITICS, COVERING THE CAPITOL,

IT IS LOCAL FOR YOU.

>> I THINK WE'VE DONE WELL, I

THINK WE HAVE A TREMENDOUS

POLITICAL STAFF AT THE POST, I

THINK THEY'VE DONE A LOT OF THE

DEFINING STORIES IN THE NATION'S

CAPITAL, THE N.S.A. IS AN

EXAMPLE OF THAT.

THE SINGLE BIGGEST POLITICAL --

ONE OF THE BIGGEST POLITICAL

TOPICS IN THE COUNTRY OVER THE

LAST YEAR HAS BEEN THE ISSUE OF

SECURITY VERSUS PRIVACY AS A

RESULT OF THE N.S.A.

DISCLOSURES.

>> YEP.

>> AND WE HAVE BEEN AT THE FRONT

OF THAT STORY.

WE'VE BEEN DRIVING THAT STORY.

AND -- AND NOBODY -- AND THERE'S

ONLY ONE OTHER MEDIA

ORGANIZATION THAT HAS BEEN IN

THERE.

>> AND THAT WOULD BE THE

GUARDIAN.

>> THAT WOULD BE THE GUARDIAN.

AS YOU SAID EARLIER, COMPETITION

IS NOW GREATER, MORE PEOPLE TO

ELBOW OUT OF THE WAY, SOME OF

THAT IS THE FOLKS YOU'VE BEEN

COMPETING WITH INSTITUTIONALLY,

NOT MAYBE YOU BUT THE POST FOR

SOME TIME, THERE ARE NEW PEOPLE

THAT HAVE COME ON THE SCENE,

SOME OF THEM HAVE BEEN PEOPLE

WHO HAVE A WASHINGTON POST

LINEAGE, I'M THINKING

PRINCIPALLY OF IMPLICIT CO, THE

FOUNDERS WERE PEOPLE THAT HAD

COME FROM THE POST, THEY HAD

COME TO THE OWNERSHIP OF THE

POST AT THE TIME AND SAID WE

WOULD LIKE TO DO THIS UNDER THE

POST UMBRELLA, THEY WERE TOLD

MAYBE NOT, SO HOW MUCH HAS THE

ARRIVAL OF FOLKS LIKE POLITICO

ON THE SCENE MADE YOUR JOB

DIFFERENT, MAYBE IT'S IMPROVED

IT --

>> I DO LIKE COMPETITION.

I THINK IT MAKES US BETTER.

I'M IN FAVOR OF COMPETITION.

SO, BUT THE FACT IS I WASN'T

THERE --

>> AT THE TIME.

>> AT THE TIME, SO I'M A

NEWCOMETOR THE POST, BUT THE

FACT IS IF YOU ACTUALLY LOOK AT

WHAT PEOPLE READ IN WASHINGTON,

THEY READ "THE WASHINGTON POST",

THE PERCENTAGE OF THE PEOPLE WHO

READ POLITICO IS ACTUALLY

RELATIVELY SMALL, IF YOU LOOK IN

THE FEDERAL GOVERNMENT AT THE

NUMBER OF PEOPLE WHO READ US

VERSUS THE -- READ POLITICO, WE

OVERWHELM THEM, SO WE HAVE A

BIGGER PREFERENCE IN COVERING

GOVERNMENT AND MORE PEOPLE ARE

READING US.

THEY'RE RELATIVELY SMALL SITE BY

COMPARISON WITH US, THEY HAVE

SOMETHING LIKE 6 MILLION UNIQUE

VISITORS, WHEN YOU LOOK AT

MOBILE USERS PLUS DESK TOP USERS

PER MONTH, SIX TO SEVEN MILLION

DEPENDING ON THE MONTH.

IT GOES UP DURING A PRESIDENTIAL

ELECTION YEAR, BUT FALLS

DRAMATICALLY IN NONPRESIDENTIAL

ELECTION YEARS, WE HAVE

30 MILLION UNIQUE VISITORS THAT

COME TO OUR SITE PER MONTH,

WE'RE ABOUT FOUR TO FIVE TIMES

THEIR SIZE IN ANY MONTH.

>> THIS QUESTION BEFORE, IT

SEEMS LIKE --

>> I'VE CERTAINLY ANTICIPATED

THIS QUESTION BEFORE, AND -- AND

THE FACT IS I THINK SOMETIMES IT

HELPS NOT JUST TO LISTEN TO THE

RHETORIC AND THE BOASTING BUT IT

ALSO HELPS TO LOOK AT THE FACTS.

>> RIGHT.

ANOTHER SOON TO BE COMPETITOR OF

SORTS IS COMING FROM WITHIN YOUR

SHOP AND ACTUALLY THIS ONE YOU

WERE RUNNING THE PAPER, AND THAT

IS THE EZRA KLEIN VERTICAL THAT

HAS BEEN CREATED.

I'M FASCINATED HOW THE BUSINESS

THAT WE'RE IN AS EVOLVED OVER

TIME, IT USED TO BE THE ONLY

BRAND THAT MATTERED WERE THE

INSTITUTIONAL BRAND, NOW THE

INDIVIDUAL BRANDS THESE DAYS

HAVE BEEN MORE LIKE ROCKET

BOOSTERS FOR THE INSTITUTIONAL

BRANDS, SOME INDIVIDUAL BRANDS

LIKE EZRA WANT TO BE ROCKETS ON

TO THEMSELVES, EZRA KLEIN

SOMEWHAT FAMOUSLY CAME TO THE

POST AND SAY I WANT TO START MY

VERTICAL, HE LEFT, PEOPLE LEFT

WITH HIM, TALK ABOUT HOW YOU

THINK ABOUT THAT FROM A

COMPETITIVE STANDPOINT, I GUESS

IT'S EARLY TO TELL.

>> LET ME CORRECT YOU, FIRST OF

ALL. HE DID NOT COME TO US AND

SAY I WANT TO START MY OWN

VERTICAL IN THE PAPER.

HE ALREADY HAD STARTED HIS OWN

VERTICAL IN THE PAPER WHICH WE

FUNDED TO THE TUNE OF MILLIONS

OF DOLLARS PER YEAR.

I'M NOT SURE OF A LOT OF PEOPLE

HEARD OF EZRA KLEIN BEFORE HE

WAS WORKING AT THE WASHINGTON

POST AND WE FUNDED THAT

OPERATION.

VERY TALENTED GUY.

WE INVESTED IN THAT, WE'RE

INVESTING EVEN MORE IN THAT.

THERE ISN'T ONE THING THAT WE

REQUESTED FOR THAT EVENT VENTURE

THAT WE DID NOT FUND INCLUDING

2014.

IT WAS NOT TO SAY I WANT TO

START A VERTICAL INSIDE "THE

WASHINGTON POST", WHAT HE SAID

IS I INTEND TO START A VENTURE

OUTSIDE OF "THE WASHINGTON

POST", TOTALLY INDEPENDENT, THIS

HAS NOTHING WHATSOEVER TO DO

WITH "THE WASHINGTON POST", I

WILL BE THE CEO, I WILL BE THE

PRESIDENT, I WILL BE THE EDITOR

IN CHIEF.

I WILL SELECT THE TECHNOLOGY --

THE TECHNOLOGY THAT'S USED AND I

WILL SELECT THE ADVERTISING.

I WILL BE IN CHARGE OF THE

ADVERTISING AS WELL, AND WHAT I

WOULD LIKE TO KNOW IS WHETHER

JEFF BEZOS WOULD BE WILLING TO

FUND THAT.

THAT'S WHAT HAPPENED, NOT I WANT

TO START SOMETHING OR EXPAND

SOMETHING WITHIN THE UMBRELLA OF

"THE WASHINGTON POST".

>> OF COURSE THE PERCEPTION OUT

IN THE WORLD IS THAT SOMEHOW YOU

LET HIM GO, BUT THE REALITY IT

SOUNDS LIKE FROM YOUR

DESCRIPTION, HE WAS PLANNING TO

GO ANYWAY, IT WAS A QUESTION --

>> IT PAINS ME TO SAY THIS, SOME

TIMES THE REPORTING IS NOT

ACCURATE.

[ LAUGHTER ]

SO THAT WAS NOT -- THAT WAS NOT

ACCURATE REPORTING.

IT LEFT A GROSS MISIMPRESSION.

HE DID NOT ASK TO DO ANYTHING,

THE FIRST PERSON HE CAME TO AT A

SENIOR LEVEL WAS ME, THE FIRST

THING HE SAID, I WANT TO START A

NEWS ORGANIZATION INDEPENDENT OF

THE WASHINGTON POST, MY OWN NEWS

ORGANIZATION AND WHAT I WOULD

LIKE TO KNOW IS WHETHER JEFF

BEZOS IS WILLING TO FUND THIS.

JEFF BEZOS HAD INVESTED

$250 MILLION IN THE WASHINGTON

POST WITH THE INTENTION OF

INVESTING EVEN MORE IN IT AS HE

IS DOING THIS YEAR.

HE ALSO HAS AN INVESTMENT IN

BUSINESS INSIDER, AND HE'S

INCREASED HIS INVESTMENT IN THE

BUSINESS INSIDER.

IT'S UP TO JEFF BEZOS IF HE

WANTS TO INVEST IN SOMETHING

ELSE.

THE TRUTH IS, I DON'T HAVE A

VENTURE CAPITAL FUND AVAILABLE

TO ME, I HAVE MY NEWSROOM

BUDGET, WHEN SOMEBODY COMES AND

SAYS I WOULD LIKE TO START THIS

AND THE AMOUNT OF MONEY REQUIRED

IS 10% OF WHAT MY NEWSROOM

BUDGET IS, I'M NOT ABLE TO FUND

THAT, THE OWNER OF THE COMPANY,

THE PERSON WHO OWNS 100% OF THE

COMPANY IS THE ONLY PERSON WHO

CAN MAKE THAT DECISION, AND AS I

SAID, IT WAS NEVER HIS INTENTION

TO START WITHIN "THE WASHINGTON

POST", IT WAS ALWAYS HIS

INTENTION TO START OUTSIDE "THE

WASHINGTON POST".

>> SO LET ME REFRAME THE

QUESTION.

YOU KNOW, I THINK OF THIS AS THE

EZRA KLEINING OF JOURNALISM, NOW

EVERYBODY WANTS TO BE THEIR OWN

ENTITIES OR A LOT OF PEOPLE DO.

IS THIS A GOOD THING FOR OUR

BUSINESS OR BAD THING.

>> I THINK IT'S ACTUALLY A GOOD

THING FOR THE BUSINESS.

I THINK IT'S A SIGN OF HEALTH,

ACTUALLY.

I THINK, YOU KNOW, MORE POWER TO

HIM, I WISH HIM THE BEST OF

LUCK.

I HAVE, YOU KNOW, IT'S FINE, THE

FACT IS THERE'S NOW CAPITAL TO

START ENTREPRENEURIAL VENTURES

IN THE MEDIA INDUSTRY, THAT'S

NOT A BAD THING FROM, THE

STANDPOINT OF THE INFORMATION

CONSUMER, THAT'S A GOOD THING,

SO I DON'T BEGRUDGE ANYBODY THAT

OPPORTUNITY F. HE HAS THE

ENTREPRENEURIAL ITCH, HE WANTS

TO DO IT, TRY IT, FIND FUNDING,

WHICH HE HAS, MORE POWER TO HIM,

THAT'S GREAT.

I THINK THAT'S A SIGN OF HEALTH

IN OUR INDUSTRY, RATHER THAN ANY

OTHER SIGN OF DYSFUNCTION.

HE'S HIRING YOUNG PEOPLE IN

PARTICULAR, AND GREAT, THAT'S

OPPORTUNITY FOR THOSE PEOPLE,

AND THEY WILL BRING THEIR OWN

PERSONALITY TO COVERAGE OF THE

NEWS AND PUBLIC POLICY, AND

THAT'S -- THAT'S FANTASTIC, BUT

WHAT HE'S DOING THERE, HE AND

MANY OF HIS PEOPLE WERE DOING AT

THE WASHINGTON POST.

>> THE BLOG CONTINUES.

>> THE BLOG CONTINUES, WE HAVE

GOV FEED, WE HAVE THE FIX FOR

POLITICS, WE HAVE WORLD VIEWS

FOR INTERNATIONAL AFFAIRS, WE'RE

STARTING NEW PUBLIC POLICY

BLOGS, SO ALL OF THAT REMAINS A

VIBRANT AREA OF COVERAGE FOR US,

IT'S SOMETHING HE DID WHEN HE

WAS AT THE WASHINGTON POST.

SOME OF HIS COLLEAGUES WERE

DOING AT THE WASHINGTON POST AND

IT'S SOMETHING THAT WE CONTINUE

TO DO AND ACTUALLY EXPAND UPON.

>> MR. BEZOS' NAME HAS COME UP A

COUPLE OF TIMES, LET ME GO

THERE.

THE JOKE -- YOU KNOW, IT

SHOULDN'T SURPRISE YOU, AGAIN.

>> I'M SHOCKED.

>> THE FACT OF HIS OWNERSHIP OF

THE POST IS OF SOME CURIOSITY TO

PEOPLE OF THE WORLD WE LIVE IN,

AND OUTSIDE THE WORLD THAT WE

LIVE, IN THE JOKES ARE MADE, THE

PAPER WILL NOW BE DELIVERED BY

DRONES OR CHRISTMAS BONUSES WILL

COME TO PEOPLE'S HOUSES IN TWO

DAY, FREE SHIPPING.

PUTTING ALL THAT STUFF TO THE

SIDE, YOU WORKED FOR THE

SULZBERGER'S, THEY'RE NOT

EXACTLY PAUPERS.

WHAT IS THE DIFFERENCE IN

WORKING FOR MR. BEZOS FROM WHAT

YOU CAN TELL THAN THE FOLKS YOU

WORKED FOR PREVIOUSLY OR DOES

THE OWNERSHIP ENTER INTO THE

OCCASION DESPITE HIS LARGE

BRAND.

>> I THINK OWNERSHIP MAKES A

DIFFERENCE WITH RESPECT TO OUR

PRESENT CIRCUMSTANCES.

HE IS VERY INTERESTED IN OUR

FUTURE, HE SEES ENORMOUS VALUE

IN THE BRAND OF THE WASHINGTON

POST, CORRECTLY IN MY VIEW.

HE IS MAKING SUBSTANTIAL

INVESTMENTS.

WE HAVE STARTED ALL SORTS OF

INITIATIVES, WE'RE HIRING IN THE

NEWS ROOM ALONE, THREE DOZEN

PEOPLE, THAT DOESN'T INCLUDE

PEOPLE IN THE TECHNOLOGY AREA.

>> SINCE HE ARRIVED.

NOT PLAN IN PLACE PREVIOUS.

>> THAT'S CORRECT.

SO ALL OF THAT IS POSITIVE, HE'S

VERY MUCH A PERSON WHO IS A

STRATEGIC THINKER.

HE UNDERSTANDS THE TECHNOLOGY

PERHAPS BETTER THAN ANYBODY IN

THE WORLD.

HE UNDERSTANDS CONSUMERS,

EXTREMELY WELL, THAT'S AN

IMPORTANT PART OF IT TOO, IT'S

NOT JUST A TECHNOLOGICAL PLAY,

UNDERSTANDING WHAT THE CONSUMER

WANTS.

>> AUDIENCE.

>> UNDERSTANDING WHAT CONSUMERS.

>> CONSUMERS IN HIS CASE ARE

AUDIENCE.

>> BUT AUDIENCE SUGGESTS SORT OF

AN US DELIVERING TO THEM,

CONSUMER SAYS IT'S THE FOCUS ON

WHAT ARE THEY REALLY INTERESTED

IN.

>> BUT HIS INNOVATION IN AMAZON

HAS BEEN AMONG OTHER THINGS TO

FIGURE OUT HOW TO CONNECT TO

PEOPLE WHO ARE POTENTIAL

CONSUMERS.

>> RIGHT.

>> AND ONE OF THE THINGS IN THE

NEWSPAPER BUSINESS, IT WRESTLES

WITH THIS AUDIENCE, HOW DO YOU

REACH PEOPLE IN THIS CURRENT

ENVIRONMENT, HIS SUCCESS AT THAT

CAN BE TRANSLATED ONE HOPES --

>> DIFFERENT BUSINESS THAN

SELLING BOOKS AND SELLING VACUUM

CLEANERS AND SELLING ALL OF THE

THINGS THAT ARE AVAILABLE ON

AMAZON, WHICH IS ESSENTIALLY

EVERYTHING.

>> RIGHT.

>> BUT IT'S DIFFERENT IN A

CERTAIN WAY, BUT HE DOES BRING

SORT OF NEW THINKING TO THAT,

AND I THINK VERY SMART THINKING

AND HE'S WILLING TO ASK

PROVOCATIVE QUESTIONS AND

CHALLENGE US, AND WILLING TO

HAVE US CHALLENGE HIM.

>> THE POST IS A LEGACY NEWS

ORGANIZATION WHICH CAN BE USED

AS A NEGATIVE DESCRIPTOR.

I DON'T MEAN IT THAT WAY.

I'VE BEEN AT THAT AWHILE,

THERE'S OTHER NEWS ORGANIZATIONS

THAT HAVE BEEN AT THIS LESS TIME

AND DON'T HAVE THE SAME

TRADITION THAT "THE WASHINGTON

POST" HAS INFUSED IN THIS NEWS

ROOM, AND I WONDER IF PEOPLE

THERE, BELOW THE LEVEL OF MARTIN

BARON ARE RESISTANT TO THE

GUY -- IDEA OF THIS GUY WHO

DOESN'T HAVE A JOURNALISTIC

BACKGROUND, WHO BOUGHT THE

PAPER, SUDDENLY BEING A FIGURE

IN THEIR LIVES?

HAS THERE BEEN ANY PUSH BACK

AGAINST THIS.

>> PEOPLE REVERE THE PREVIOUS

OWNERSHIP, THE GRAHAM FAMILY,

DON GRAHAM, PEOPLE REVERE THE

FAMILY AND ITS ROLE IN THAT

ORGANIZATION APPROPRIATELY SO.

THEY BUILT AN INCREDIBLE

ORGANIZATION.

TALK ABOUT THE VALUE OF THE

BRAND, THAT VALUE OF THE BRAND

WOULDN'T EXIST WITHOUT THAT --

>> AS MUCH A GRAHAM BRAND AS IT

WAS A POST BRAND.

>> YEAH.

ON THE OTHER HAND, DON GRAHAM

HAS ADMITTED THEY WEREN'T QUITE

SURE WHAT TO DO AT THIS POINT,

THIS HAS BEEN A VERY DIFFICULT

TIME IN OUR INDUSTRY, AND HE WAS

TRYING TO FIND A BUYER WHO COULD

BRING SOME NEW THINKING TO OUR

INDUSTRY, AND I THINK THAT JEFF

BEZOS DOES THAT, HAS DONE THAT,

AND THAT'S A PLUS, HE ALSO

BRINGS RESOURCES.

HE BRINGS A LONG-TERM

PERSPECTIVE, HE'S NOT LOOKING

FOR A -- LET'S MAKE AN

INVESTMENT IN THREE MONTHS THAT

HAS TO PAY OFF OR EVEN WITHIN

THE FIRST YEAR IT HAS TO PAY

OFF, HE RECOGNIZES WE HAVE TO

EXPERIMENT, HE'S TALKED ABOUT

GIVING US RUNWAY, WHICH SUGGESTS

A LONG-TERM HORIZON.

>> IF YOU'RE A REPORTER AND YOU

HEAR THEM TALKING ABOUT A

LONG-TERM HORIZON, YOU'VE GOT TO

THINK I FEEL MUCH BETTER ABOUT

MY JOB.

>> ABSOLUTELY.

IT DOESN'T MEAN FOREVER, BUT IT

DOES MEAN THAT WE HAVE TIME TO

EXPERIMENT, WE HAVE TIME TO TRY

THINGS, WE HAVE TIME TO LET

THINGS SETTLE IN AND SEE WHAT WE

CAN DO.

>> YEAH.

>> AND HE'S SUPPORTING THAT, AND

I THINK PEOPLE ARE EMBRACING

THAT, I HAVEN'T DETECTED ANY

RESISTANCE TO THAT AT ALL.

>> A YEAR FROM NOW, WE HAVE A

MINUTE LEFT, A YEAR FROM NOW, IF

YOU'RE SITTING ME, WHAT ARE YOU

GOING TO TELL ME DIFFERENT THAN

WHAT YOU TOLD ME TODAY.

WHAT ARE YOUR TWO BIG GOALS FOR

THE NEXT YEAR OUT.

>> WE HAVE ESSENTIALLY TWO

GOALS, BASICALLY, ONE IS DIGITAL

TRANSFORMATION OF OUR -- OF OUR

ORGANIZATION, OF OUR NEWS ROOM

AND THE REST OF OUR ORGANIZATION

AS WELL.

WE'VE MADE ENORMOUS PROGRESS.

THERE HASN'T BEEN RESISTANCE TO

THAT, BUT WE HAVE A LOT OF

THINGS TO DO.

SO WE WANT TO TRANSFORM

OURSELVES AND BECOME I THINK IN

THE TRUEST SENSE A DIGITAL

ORGANIZATION.

AND THE OTHER IS THAT TO BE

AMBITIOUS JOURNALISTICALLY, WE

TALK ABOUT A YEAR OF AMBITION AT

THE POST, IT'S IMPORTANT TO DO

THE KINDS OF THINGS WE WERE

TALKING ABOUT AT THE BEGINNING

OF THIS CONVERSATION, AGENDA

SETTING JOURNALISM, JOURNALISM

THAT MAKES AN ACTUAL DIFFERENCE,

BOTH OF THOSE ARE IMPORTANT TO

US, AND NEITHER CAN BE

SACRIFICED.

>> GREAT, YOU'LL HAVE THE

RESOURCES TO DO IT, AS YOU SAY,

AND THAT'S A GOOD THING.

MARTY, GOOD LUCK.

>> THANK YOU.

>> WE'RE ALL WATCHING YOU WITH

NERVOUSNESS AND HOPE.

YOUR OPTIMISM NEEDS TO BE

CONTAGIOUS FOR THE NEXT OF US.

THANKS VERY MUCH.

THANK YOU.

[ APPLAUSE ]

>> WE'D LOVE TO HAVE YOU JOIN US

IN THE STUDIO, VISIT OUR WEBSITE

AT KLRU.ORG/OVERHEARD TO FIND

INVITATIONS TO INTERVIEWS, Q AND

As WITH OUR AUDIENCE AND GUEST

AND AN ARCHIVE OF PAST

INTERVIEWS.

>> WHEN YOU HAVE A SHOOTING AT

FT. HOOD, THE FIRST THING WE DO

IS REPORT THERE'S A SHOOTING AT

FORD HOOD, WE DON'T KNOW HAVE

MUCH ABOUT IT, BUT WE'RE GOING

TO FIND OUT MORE ABOUT IT, AS WE

DO GET THAT ADDITIONAL

INFORMATION, WE POST THAT, THE

IMPORTANT THING IS TO MAKE SURE

THAT WE DON'T POST INFORMATION

THAT IS IN FACT INCORRECT.

>> FUNDING FOR "OVERHEARD" WITH

EVAN SMITH IS PROVIDED IN PART

BY MFI FOUNDATION, IMPROVING THE

QUALITY OF LIFE WITHIN OUR

COMMUNITY AND FROM THE TEXAS

BOARD OF LEGAL SPECIALIZATION,

BOARD CERTIFIED ATTORNEYS IN

YOUR COMMUNITY, EXPERIENCED,

RESPECTED AND TESTED.

ALSO BY HILLCO PARTNERS.

TEXAS GOVERNMENT AFFAIRS

CONSULTANCY, AND ITS GLOBAL

HEALTH CARE CONSULTING BUSINESS

UNIT, HILLCO HEALTH.

AND BY THE ALICE KLEBERG

REYNOLDS FOUNDATION.

AND VIEWERS LIKE YOU.

THANK YOU.

>> THIS WEEK ON "OVERHEARD",

WASHINGTON POST EXECUTIVE EDITOR

MARTIN BARON.

>> LOCAL COVERAGE IS SORT OF THE

ROOTS OF THE TREE.

ANY STRONG TREE HAS TO HAVE VERY

STRONG ROOTS IT ALSO HAS THE

TRUNK AND IT HAS THE BRANCHES,

THE ROOTS FOR A METROPOLITAN

NEWSPAPER LIKE THE POST, EVEN

THOUGH IT HAS A NATIONAL AND

INTERNATIONAL PORTFOLIO ARE IN

ITS LOCAL COVERAGE.

IT HAS TO BE EXCELLENT AT THAT.

IT ALSO HAS TO BE EXCELLENT AT

OTHER THINGS.