• by Ray Schultz , Columnist, February 18, 2025

Hearst had a good year in 2024, in large part because of businesses that have little to do with newspapers and magazines.

“We have long hailed the diversification of our business mix as a pillar of our company’s strength and a core strategic imperative,” says Steven R. Swartz, president & chief executive officer of Hearst, in a memo to employees. 

Overall, the company achieved 9% revenue growth to $13 billion. This was largely due to strong performances by Fitch Group, a global bond rating and data company, and Hearst’s television stations.

Hearst’s Business Media group, which includes B2B data and software, accounted for “more than 50% of our total company profits for the first time, rising from approximately 15% of profits a decade ago,” Swartz notes. 

The top businesses in terms of annual profit growth were Fitch and MCG, a healthcare data and software businesses. Each unit grew by more than 10% over 10 years.

Don’t think Hearst has forgotten about its magazines.

“The growth of these and related businesses in no way reflects a reduction in, the importance of, or commitment to the consumer media side of our company," Swartz continues. "They’re in our DNA.”

In one consumer-side achievement, Hearst Magazines built an enhanced data platform called Aura to help advertisers target their spending.

And, Hearst Newspapers is using AI to better target subscription offers to grow our already impressive base of digital subscribers.

So Swartz is bullish. “History teaches us that in times of rapid change, companies with a clear sense of purpose and the resources to innovate thrive,” he concludes.