Gus Wenner views personality-driven creators as the modern embodiment of legendary journalists like Hunter S. Thompson. This talent-first approach, once central to iconic media brands, has been lost by many traditional publishers but is key to winning in the current landscape where personalities build the brand.
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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.
The power has shifted from media outlets to celebrities, who can go direct to their audience. This manifests in negotiations where stars demand control over aspects like photography. Publications like Rolling Stone are forced to choose between losing access and compromising their brand's journalistic integrity.
GQ's editor-in-chief argues that content engineered by triangulating audience data often fails to connect. Instead, stories originating from a single team member's genuine passion and excitement are what truly resonate with audiences, proving that in the current media landscape, authentic quality and a strong personal voice are paramount.
Gus Wenner was convinced to invest after musicians told him that appearing on the TikTok show Trackstar "moved the needle more... than anything else I did in this promotional cycle." This reveals that targeted, high-engagement creator content can now outperform traditional media appearances for audience impact and cultural relevance.
The most successful YouTube content has shifted beyond simply providing information (like a history lesson) or grabbing attention (like a viral stunt). The current meta demands a unique creator perspective. Audiences now seek out a trusted personality's specific point of view, making it the key to longevity.
Chef Alison Roman suggests The New York Times had a "don't get too famous" culture, feeling threatened when a creator's personal brand grew too large. This highlights the conflict legacy media faces in cultivating talent they need but cannot fully control.
The media landscape has fundamentally changed. Value is no longer concentrated in institutional brands like the New York Times. Instead, it has shifted to individual, 'non-fungible' writers who can now build their own brands and businesses on platforms like Substack.
A key opportunity exists in pairing successful creators, who have audience and cultural relevance but lack business infrastructure, with media companies that possess monetization engines but have lost touch with talent-driven content. This symbiotic relationship forms the basis for a modern media M&A strategy.
Legacy media, like The Wall Street Journal, are hiring coaches to help reporters build personal brands. This mimics the success of social media creators who are displacing journalists on the press circuit for major celebrity and political interviews.
To mitigate the risk of investing in a single personality, Wenner's strategy is to acquire a creator-led company with the goal of turning it into a brand umbrella, like a "new MTV." This involves building a stable of talent under that brand, transforming a personal show into a scalable media company.