Hearst CEO Signals Openness to Deals to Bolster TV Businesses

Swartz says Hearst is "on the lookout" for ways to give its TV and A+E Global Media units more scale to compete with tech giants.

Published on Feb. 19, 2026

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In his annual letter to employees, Hearst CEO Steve Swartz acknowledged the disruption facing the company's TV and magazine businesses, including the impact of generative AI and industry consolidation. Swartz said Hearst is "on the lookout" for potential deals to help its TV stations and A+E Global Media, in which it owns a 50% stake, better compete with tech giants like YouTube, Amazon, Apple and Netflix. The company is also investing significantly in its magazine business to leverage its strong brands and content across more digital platforms.

Why it matters

Hearst's TV and media businesses are facing significant challenges from technological disruption and industry consolidation. The company's openness to dealmaking signals its desire to give its TV and A+E units more scale and resources to compete in an increasingly competitive landscape dominated by deep-pocketed tech platforms.

The details

Swartz noted that the return of the election cycle, the Super Bowl, and the Winter Olympics should help drive a strong year for Hearst's NBC-affiliated TV stations. However, he said the company is "watching carefully as the television world moves toward greater consolidation," citing the battle for control of Warner Bros. Discovery. Swartz suggested Hearst is open to deals, though it's unclear if that means acquiring other local TV stations, cable channels, or a sale/spin-off of the TV businesses to help them grow. Hearst's TV business is also closely tied to Disney, which owns the other half of A+E and is the controlling owner of ESPN, in which Hearst now owns an 18% stake.

  • Hearst CEO Steve Swartz sent his annual letter to employees on Tuesday, February 17, 2026.

The players

Steve Swartz

The CEO of Hearst Corporation.

Bob Iger

The former CEO of The Walt Disney Co., with whom Hearst has a close partnership.

Josh D'Amaro

The incoming CEO of The Walt Disney Co.

Dana Walden

The incoming President of The Walt Disney Co.

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What they’re saying

“We are watching carefully as the television world moves toward greater consolidation, as the battle for Warner Bros. Discovery illustrates.”

— Steve Swartz, CEO (hollywoodreporter.com)

“At a time when even Netflix doesn't feel itself big enough without further acquisition, we are on the lookout for ways we can give our outstanding leadership teams at our stations and at A+E Global Media the scale they need to compete in a world of YouTube, Amazon, Apple and Netflix.”

— Steve Swartz, CEO (hollywoodreporter.com)

What’s next

Hearst is expected to continue exploring potential deals and strategic options for its TV and media businesses in the coming months as it seeks to gain more scale to compete with tech giants.

The takeaway

Hearst's openness to dealmaking underscores the intense competitive pressures facing traditional media companies as they grapple with technological disruption and industry consolidation. The company is seeking ways to bolster its TV and A+E units to ensure they can thrive in an evolving media landscape.