Hello everyone and welcome to Hat Barrens. I'm Andy Surwer and welcome to our guest Steve Swartz, CEO of Hearst.

Steve, so nice to see you. Great to be here. So you recently announced some results for the year for the company.

Revenue of 13 billion up 9% from the prior year. 50% of the

profits of the company now come from non-consumer parts of the business. How are you

getting this done? Some great news from a media company.

Well I think the key for us is diversification and really it's been the key for us since the company started.

William Randolph Hearst started us in the newspaper business,

pushed us into magazines, tried many other things.

And before he died, he bought one of the first television stations.

So he very much believed in it.

Then my predecessor, Frank Benek, who ran the company for 30 years, pushed us more

into television, into cable television, and got us into the B2B businesses that have become

so important to us. So really, just a diversified mix, and a couple of our businesses

really shot the lights out last year.

Yeah, the B2B part of the business, 10 years ago, I understand, was 15% of the profits, now over

50%. So you've pushed the diversification a lot more during your tenure. Talk about parts of the

business that are doing particularly well, Steve. Well, I don't know that I pushed it more, but I mean, I think that, you know, some of the

businesses we bought have gotten a lot bigger and that, and yes, we are very focused.

I think the whole company, our board, everybody, our chairman, Will Hurst, everybody is really

into that, you know, we are both now a B2B business and a consumer media business.

We're very, still very proud of our consumer media businesses.

But for us last year, our Fitch Group, which biggest business there is the Fitch bond rating

...