Steven Swartz, president-CEO of the privately held Hearst Corp., says the company managed a seventh straight year of record profit in 2017 despite an increasingly difficult media content environment. In his annual state-of-the-company letter to employees, Swartz said total company revenue was flat compared with 2016 at $10.8 billion.
Hearst CEO Steven Swartz says legacy media companies would be smart to invest in adjacent businesses “that have a little more wind at their back” than traditional media. In his conversation with ABC News’ Rebecca Jarvis, he pointed to Hearst’s own growing business information ventures, along with investments in new media players like AwesomenessTV and Vice, as examples driving profitability.
Steven Swartz, Hearst Corp. president and CEO, in a letter to staffers on Tuesday said the company achieved record revenue and profit in 2013 and indicated he would continue to follow the four-part strategy for growth laid out by his predecessor Frank Bennack.
Frank Bennack will continues as executive vice chairman of the board, among other leadership roles, after turning over the CEO position to Steven R. Swartz on June 1.
He has been EVP-COO since 2011, and is a member of Hearst Corp.’s board of directors. The promotion is seen as a step in the succession planning at Hearst, where Frank Bennack continues as CEO.