Channels with Peter Kafka

News is a tough business. So how did Semafor, the news startup founded by Ben Smith and Justin Smith, figure out how to turn a profit in their third year of business? Excellent journalism certainly helps. But it’s really because the company made two key decisions: Focusing on events — and focusing on events in Washington, D.C., where companies will pay a lot of money to reach a relatively small crowd of influential people. There’s more to it than that, as Semafor’s CEOJustin Smith explains to me in our conversation. But it’s not a coincidence that Semafor is doing well in the same market that’s been quite kind to other news startups in recent years, including Axios and Punchbowl. So one big question I had going into this conversation — and one I still have — is whether you can adapt the Semafor playbook if your media company isn’t oriented around the C Suite/K Street set. But take a listen and let me know what you think. Learn more about your ad choices. Visit podcastchoices.com/adchoices

How, exactly, did Bari Weiss become the head of CBS News? We know that David Ellison, who bought Paramount last year, hired her — and bought The Free Press, the publication she started a few years earlier. But how did she get on Ellison’s radar? And why are so many media moguls, like Ellison, huge fans? New York magazine’s Charlotte Klein knows. She recently published an excellent profile of Weiss that tracks her ascent over the last few years, and I wanted to talk to her about it. It’s a story about networking, talent, and timing, and I think it tells us a lot about where we’re at right now. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Craig Finn makes music — as the head of the Hold Steady, and on his solo records —  about grown-up lives and bad decisions. Back in 2017, we talked about his life as a working rock musician — and how touring actually works, how the band found a second life, and why fans and friendship matter more than old ideas of rock stardom. Learn more about your ad choices. Visit podcastchoices.com/adchoices

PJ Vogt helped invent modern narrative podcasting with “Reply All.” Now he’s running “Search Engine” with a much smaller team and a lot more control. We talk through what he gave up this time around, what he gained, and how he actually makes the show each week. I loved this conversation when we recorded it earlier this year. And I think it’s just as relevant now, as media talent — and lots of people in other industries, too — are figuring out how to think about money, ownership and scale. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The backstory here is that weeks ago, Bloomberg’s Lucas Shaw agreed to join me for my 2025/2026 look back/look ahead episode. And then things got way more compelling, because Paramount and Netflix got into a truly unprecedented fight over the future of Warner Bros Discovery. So that’s what we’re talking about here, including: *Why this truly is a turning point for Hollywood, and streaming, and the great media/tech collision we’ve been covering for years. *How Trump, Middle Eastern money and antitrust regulators complicate the deal *Who actually needs this merger more. *What happens now that WBD has formally dismissed Paramount’s bid? Again: we recorded this a few days before the news — but as you’ll hear, we had a pretty good sense of how it was going to go. And because this still is a wrap-up episode, we got some AI vs. Hollywood chat into this one, as well as some listening/watching recs. PS: I’ve got some bonus programming coming to you over the next couple of weeks. Have a great holiday, and I’ll see you in January. Learn more about your ad choices. Visit podcastchoices.com/adchoices