Elizabeth Osborne

And I explained to them actually how they could get their money to work in a deal with those companies and not just do it.

So like an editorial side would do a deal with somebody who was cool.

But rather than going up and saying, hey, let's get let's not just do a deal for like trying your software and telling the world we're trying your software for free software.

We try your software.

You know, we want to be on your cap table.

Yeah.

OK.

It was something that hadn't occurred to them.

Then I set about introducing them to a number of investments in the small firms that were incubating new products that were actually going to need their content to test, sort of build a structure for that kind of investing.

They simply had been operating for 20 years just saying, hey, it's great, we did this deal, and never actually thought about getting in the game in any way.

Yeah, it was all like, hey, great, we're making great products.

So my deal is, at the end of the day, it's beyond what's cool and what's hot.

It's what works and what doesn't, and what makes a buck and what doesn't.

If you're not operating a company every day in a way that says, hey, you know what?

This path might smell cool, so I'm going to use it for marketing, but it's not going to give me a nickel, but I'm going to keep doing that.

But I'm going to double down over here where I'm going to make a dime, a quarter, a buck.

Well, I don't know a lot about the business of that asset, but in general, the deal is this.

With a magazine, first of all, you've got to get the leadership over the emotional side of it because they go on for way, way too long thinking because they're journalism or they're a great brand, they don't have to take certain actions.

Well, the first one has to be is you have to deeply cut costs and you have to double down on what your mission is.

So if you used to have 40 reporters, sometimes you have to have 20 reporters.