>> 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.