The Business of Media: 60 Minutes, Billionaire Owners, and the Podcast Economy — with Sara Fischer

**Scott Galloway** (0:01)
Support for the show comes from Ferragamo. This Father's Day, Ferragamo presents there The Things I Have Learned From You collection. Because a father's influence is reflected in the details, in the way they dress, in the appreciation of materials, and in making considered choices. These elements build over time and become part of a shared identity. And Ferragamo wants to highlight the style, assertiveness, and poise that are naturally showcased with the everyday moments between a father and the ones they love.
Discover Ferragamo's Father's Day gifting selection at ferragamo.com or in-store.
Support for the show comes from Ferragamo. This Father's Day, Ferragamo presents their The Things I Have Learned From You collection. Because a father's influence is reflected in the details, in the way they dress, in the appreciation of materials, and in making considered choices. These elements build over time and become part of a shared identity. And Ferragamo wants to highlight the style, assertiveness, and poise that are naturally showcased with the everyday moments between a father and the ones they love. Discover Ferragamo's Father's Day gifting selection at ferragamo.com or in-store.

**SPEAKER_2** (1:11)
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**Scott Galloway** (2:18)
In today's Office Hours, we discuss who will replace 60 Minutes, or what will replace 60 Minutes, why billionaires keep buying media companies, and whether podcasting has already passed its peak. We're joined today by Sara Fischer, media correspondent at Axios. Sara, welcome to Prop G's Office Hours.

**Sara Fischer** (2:34)
Hi, thanks for having me.

**Scott Galloway** (2:36)
We're excited about this. Our producers, when we tried to find a talented, insightful person on media, two separate people on the team, came back and suggested, and your name was floated, we're happier here. You ready to go?

**Sara Fischer** (2:49)
I'm ready.

**Scott Galloway** (2:51)
There we go. Our first question comes from John McCauley on Instagram who says, as the old 60 Minutes crashes and burns, what in new media will carry on the mission? So the first thing I would ask as a prelude to that question, Sara, is it's a bit of a loaded question that assumes 60 is going away. What are your thoughts on what happens to 60 and if in fact, if it is in fact does decline, does that create an opening for something else? What do you think happens here?

**Sara Fischer** (3:18)
Well, I think that three major correspondents signaling that they're going to stay on, including Leslie Stahl and Bill Whitaker, means that this show won't ultimately die. If they had chosen not to renew contract, Scott, I think that 60 Minutes would have been done as we knew it and would have been replaced by a far different product because they're staying. I think you can and should expect the mission of 60 Minutes to carry on. But with a caveat, which is that, one, I do think there's some audience trust that has been lost, given Scott Pelley coming forward and saying he felt pressure to change his journalism in response to management. Then two, I think there have been some chaotic and confusing moments for consumers that they're going to have to reckon with when they decide whether or not they want to continue watching. In particular, pulling that episode about Seacat down and only to air it a few weeks later unchanged. So 60 Minutes won't go away, but I think that the trust has been burned a little bit. In terms of what could replace it moving forward, on the broadcast side, they're facing such heavy cost pressures in traditional television that I'm hard pressed to believe that anything from traditional television will replace it. On the new media side, there are some bright spots where I'm very optimistic. Right now, we're seeing a lot of nice momentum at the local level, Scott. I'd be surprised about that. But we are seeing philanthropists shift a lot of their effort and energy and money into starting local new startups that are commercially non-profit, meaning they're going to get continued backing to break news and do investigations without the pressure of necessarily minting money. And then the other area where I feel increasingly optimistic is the public definitely recognizes the need for investigative journalism. We're seeing more reader donations go into outlets that do good investigative reporting.