In the social media era, long-form investigative journalism is a fundamentally unprofitable business. Legacy institutions like The Washington Post can only survive if a deep-pocketed benefactor views subsidizing its annual losses as a civic duty, similar to funding any other non-profit.

As media companies scale, they are increasingly run by finance or legal executives who prioritize pulling business levers over creative vision. This shift creates a market opportunity for smaller, passion-driven companies led by actual creators who are less focused on pure optimization.

Even though anyone can create media, legacy brands like The New York Times retain immense power. Their established brands are perceived by the public as more authoritative and trustworthy, giving them a 'monopoly on truth' that new creators lack.

Contrary to the belief that costly journalism is subsidized by lifestyle products, the NYT CEO asserts that hardcore news is the most economically value-creating part of the business because it generates a massive audience and brand authority.

The Atlantic CEO took the job despite massive financial losses because the core product—the journalism—was exceptional. He believed a broken business model is far easier to fix than a mediocre product, making the high-risk turnaround feasible from the start.

For a mission-driven organization like The Atlantic, owned by a philanthropist, the financial goal is sustainability, not profit extraction. The strategy is to achieve profitability and then immediately reinvest the surplus back into the mission by hiring more journalists and expanding influence.

Despite declining viewership, legacy media institutions like The New York Times and Washington Post remain critical because they produce the raw content and shape the narratives that fuel the entire digital ecosystem. They provide the 'coal' that other platforms burn for engagement, giving them unrecognized leverage.

The NYT CEO sees the widespread belief in the need for shared facts, even among political opponents, as a powerful market driver. This demand for independent reporting creates a durable business model, despite low overall trust in institutions.

David Remnick acknowledges and embraces his magazine's identity as the "orthodox church of liberalism." This clear, unapologetic positioning creates a strong sense of community and loyalty. For a subscription business, serving a devoted "congregation" is more profitable than chasing a broad, dispassionate audience.