Hearst’s investments in broadband will pattern its investments in cable and the internet — backing ventures by taking a stake. Favorite example these days: the investment in Home Arts that last month turned into $155 million win when its successor iVillage was acquired by NBC Universal. Interactive Media head Kenneth Bronfin told BW, “we want to be active investors, sit on the boards, and learn.”
Update: The NYT also takes a crack at finding meaning in the new Hearst tower. The headline: “Hearst’s New Home: Xanadu in Manhattan.” More interesting than the Citizen Kane allusions — the idea that Hearst as a private company has been able to operate “stealthily” compared to competitors. Ganzi: “Since I became C.E.O. of Hearst, people have said: ‘Do you like running a private company?’ and I’ve said ‘Yes,’ … Now I say, ‘No. I love running a private company.’ ” (Hearst-Argyle Television is publicly traded.)
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