Hearst Did Well In 2023 Despite Economic Headwinds

Hearst barely fell short of its 2022 results in 2023.

Despite numerous headwinds, “we achieved our second-best year ever judged by our principal measure of profitability, falling short by 2% of the record results of 2022,” writes Steven R. Swartz, president & chief executive officer, in his annual letter.  

Swartz adds, “A sluggish digital advertising environment, the typical cyclical effect on television station advertising in a non-election year and continued cord-cutting in television led to profit declines in all of our consumer media sectors: Newspapers, Magazines and Television."

On the other hand, “We had a breakout hit on the new product front at Hearst Health’s Homecare Homebase, a software platform that enhances the effectiveness of home health and hospice agencies.” 



Moreover, Hearst has invested over $100 million in product development and $300 million in capital investments. And it has “paid out bonuses to every colleague around the world who worked at the company at least half the year,” Swartz continues. 

Achieving strong profit growth were the business-to-business data and software groups, referred to collectively as Business Media, and the Transportation group. 

Swartz concedes, “We didn’t make a big acquisition last year but we wanted to and we are still looking.”


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