Many know him for his iconic Hearst castle, but few know his life story.
William Randolph Hearst was a publisher who became the first media mogul by developing the nation’s largest newspaper chain and media company, Hearst Communications.
His chain had 30 papers in major US cities at its peak.
He later expanded to magazines, creating the largest magazine biz in the world.
Other streams of income included:
- A radio station
- Film company
- Owning copyrights to popular cartoons
- Extensive real estate in New York
- Timber + Mining interests
How Did He Get Started?
William took over management of his father’s newspaper The San Francisco Examiner.
(A biz he had acquired as repayment for a gambling debt).
To elevate the brand, Will invested in the best equipment and hired the best writers, including:
- Mark Twain
- Jack London
- Ambrose Bierce
and more.
Within a few years, he dominated the local market.
His Vision Didn’t Stop There.
His dream was to run a nation-wide multi-paper news operation.
This inspired him to buy the failing New York Morning Journal and turn it around.
Then he merged it with an afternoon + evening journal to create The New York Journal American and set his sights on targeting the masses.
He Gave The Masses What They Wanted
This style of writing came to be known as “yellow journalism”.
AKA “sensational news”.
It emphasized:
- Eye-catching headlines
- Choosing + wording events and topics to excite the greatest number of viewers
- Using dramatic crime + human-interest stories
- Using stories about people or groups
- Using tons of graphics + cartoons
And the underlying core of all of this?
A: dealing dopamine.
This caused him to see a HUGE increase in circulation.
He Gave Talented People An Incentive To Work With Him
Hearst was known as a:
- Calm
- Polite
- Generous
employer who gave public credit to his writers.
He was also accepting of eccentrics, bohemians, and alcoholics as long as they made themselves useful.
This attractive work culture helped him poach the best talent from his competitors.
He Also Understood The Power Of Having A Statement-Making Home Base
This is a similar strategy used by:
And more.
Features included:
- The most extravagant indoor + outdoor swimming pools in the world
- A 7,000 bottle wine cellar
- A movie theater
- Tennis courts
- An airfield
- A library
The castle attracted the biggest stars of the time such as:
- Cary Grant
- Clark Gable
- Buster Keaton
- Charlie Chaplin
- Winston Churchill
Hearst Castle has been so significant that it has been preserved as a state historical monument and is designated as a national historic landmark.
Downfall
His reckless extravagance and wastefulness hit him hard when the great depression rolled around.
This put him into $126 million debt, which brought him to the brink of financial ruin.
He had to:
- Cede control of the Hearst corporation
- Sell his newspapers / radio stations
- And sell much of his extensive art collection at a loss
Conclusion
The top 5 life lessons from William Randolph Hearst are:
- Attract The Best People With A Magnetic Culture
- Combine Things To Make A More Powerful Offer
- Deal Dopamine
- Have A Statement-Making Home Base
- Live Below Your Means
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