Jim VandeHei

if you're the Washington Post, what you could own.

This idea that like, oh, we're going to be the publication for All America.

All America doesn't care about the Washington Post.

Like, what is it that the Washington Post could give me in Oshkosh, Wisconsin, that I can't get from a thousand other places?

Why would the Washington Post have a right to win across the country as opposed to in its own backyard?

And by the way,

These businesses aren't terribly complicated.

They're difficult.

Media is a very, very – it's the coolest business to be in and probably the hardest in terms of making money on a year-to-year basis.

But they're easier to run today than they were five or ten years ago.

Your technology costs are lower.

You kind of understand the subscription business.

You understand the high-end subscription business.

You understand the events business.

Like this stuff has been figured out.

And so I just don't feel like this is rocket science.

The only reason I weighed in on X on it is like I care about the publication.

I don't think they'll do any of the things that I laid out anyway.

So if it's a competitive threat to us, like I don't really care because I don't think they'll execute on it anyways.

And the stuff that we want to execute on, we'll execute on and probably execute better than they would.