Hearst’s Enduring Heart: David Carey on Building a Modern Powerhouse with Humanistic Roots (Video)

From the opening moments, Carey frames Hearst as “a private company that behaves with public-company discipline,” a distinction that, he argues, gives the organization freedom to invest for the long haul while still holding itself to rigorous performance standards. He recalls rereading Clayton Christensen’s The Innovator’s Dilemma and noting how many storied firms stumble when new technologies upend familiar models; Hearst’s answer, he says, has been to nurture an ownership culture, pair patience with accountability and stay “relentlessly curious” about what comes next.

A Bet on New York -- and on Optimism

That curiosity was on display in the wake of 9/11, when Hearst stunned real-estate watchers by forging ahead with the now-iconic Hearst Tower. Approving a $500 million headquarters in an uncertain city might have seemed reckless, but Carey calls it an emblem of confidence and civic duty: “The Board of Directors wanted a building that said our future is here.” The tower opened in 2006, creating a bright, sustainable workspace years before “green architecture” became fashionable -- and cementing Hearst’s reputation for forward-looking, values-driven decision-making.

Partnership as Growth Engine

Hearst’s instinct for partnership is another touchstone. Carey recounts the 1984 joint venture with Capital Cities/ABC that birthed A+E Networks, followed by the $167 million purchase of a 20 percent stake in ESPN in 1990, an investment now widely regarded as one of media’s all-time investments thanks to Hearst’s CEO at the time, Frank Bennack, who is now executive vice chairman. The lesson, he says, is less about prescience than about credibility: “We were, and still are, viewed as a trustworthy partner that shows up with both capital and patience.” Today that ethos shapes acquisitions into B2B information services, led by Hearst’s CEO of 13 years, Steven Swartz, such as Fitch Group, QGenda, Avinode Group, CellTrak, Noregon Systems and CAMP Systems, among others. The B2B units together account for more than half of Hearst’s profits.

From Magazines to Data Platforms

The B2B surge is not a repudiation of Hearst’s celebrated consumer brands; rather, it is proof of what happens when editors, data scientists and product teams mingle freely. Carey walks Myers through the evolution of the automotive group: The company parlayed decades of authority -- first in repair-manual databases, and then in sophisticated pricing engines for the used-car market -- into a burgeoning transportation division complemented by the Hearst Autos group’s magazine titles including Car and Driver, Road & Track and the classic car marketplace Bring a Trailer. The same playbook of deep passion, absolute niche mastery now guides Good Housekeeping’s “best-tested” e-commerce recommendations.

Four Days Together, One Day Apart

Culture, Carey insists, is the non-negotiable ingredient behind every reinvention. After COVID, Hearst opted for a structured hybrid schedule, four days in the office for leadership and most units, five for the television stations, to restore the spontaneous hallway conversations that spark ideas and transmit institutional know-how. “We’re not anti-flexibility,” he stresses, “but we believe creativity is a team sport that benefits from shared context.” To keep that context vibrant, CEO Steve Swartz hosts quarterly Zoom welcomes for every new employee, fielding questions about mission and strategy in real time.

Giving Back -- and Hanging on to Talent

Few programs illustrate Hearst’s values better than “Hearst Gives Back,” a global employee-donation platform launched in 2022 with a 100 percent company match up to $10,000. Forty percent of staff participated last year and voluntary attrition among those givers was one-third that of non-participants. “Generosity is sticky,” Carey says with a smile; it binds people to an organization that honors what they care about outside the office. New hires even receive a “giving credit” during onboarding -- a small gesture that signals big intent.

Neurodiversity: Programs as a Tool for an Inclusive Culture

That same human-centric lens shapes Hearst’s neurodiversity internship program, now active across most businesses. Managers report sharper communication skills and heightened empathy after working alongside neurodivergent colleagues. One unexpected insight: choosing meeting spaces with calmer acoustics boosts productivity for everyone, not just neurodiverse employees. It is a vivid example of Carey’s belief that inclusive design lifts the whole enterprise.

Embracing AI -- Carefully

Of course, no conversation about modern media escapes the gravity of artificial intelligence. Hearst’s stance is pragmatic: every employee gets access to ChatGPT Enterprise and related tools, but training and experimentation happen inside guardrails that protect brand authority and intellectual property. Carey sees AI as a “force multiplier” rather than a head-count reducer, accelerating research, freeing editors for judgment-heavy work and opening new doors for niche products. The mantra: test quickly, share learnings, stay prudent.

Private Ownership, Public Accountability

Perhaps the clearest through-line is that Hearst can take decade-long swings because it is private. A dual focus -- mission over myopia and numbers over nostalgia -- allows the company to remain nimble while avoiding short-term panic. That, Carey suggests, is why Hearst keeps thriving where others stalled: values are the ballast; ambition is the sail.

Why You Should Watch the Full Interview

Reading highlights can’t capture the warmth in Carey’s voice when he describes the start-up mentality of the nearly 140 year-old company or the candor with which he explains tough calls on headcount, print economics and office-return debates. The video also features Myers’ trademark follow-ups - those gentle nudges that coax leaders to reveal the “why” behind the headline. If you care about resilient culture, ethical growth, or the future of media in an AI age, the full episode will repay your 30 minutes many times over.

Head to The Myers Report page and stream the conversation now. Then share it with teammates who think legacy organizations can’t out-innovate the disruptors. Hearst’s story about its success and its culture, as exemplified by Steve Swartz and Frank Bennack, proves the opposite: When you put trust, partnership and purpose at the center, disruption becomes an invitation -- and the next century of growth is already underway.