Hearst Corp. President and CEO Steven R. Swartz likes what he sees in the road ahead for his company and for the TV business overall. Variety reports that Swartz said in his annual “state of Hearst” letter to the company’s employees, to be released today: “Television in all its forms remains by far Hearst’s biggest business, and for consumers, a golden age of television is clearly upon us.”
Because the company is privately held, the annual letter from Swartz provides one of the best insights into the company’s performance, the report notes. Swartz indicated that Hearst’s revenue rose 6% in 2015 to $10.7 billion.
Hearst co-owns ESPN and A+E Networks with Disney, among its many TV, publishing and digital assets.
In his letter, Swartz talks about the future of television, writing: “New technology will increasingly allow for advertising to be more targeted to consumers’ interests. And yes, packages of TV content, or bundles, will be more plentiful, more diverse, and cheaper than the standard bundle of today.”
He adds: “Over the past 30 years there have been far more winners than losers among TV content providers, but that will clearly change going forward. We believe we possess a superior portfolio of brands and talent that will allow our TV companies to continue to win.”