The secrets of a successful media company

Here is an essay by the CEO of the Washington Post. The introduction:

At last week’s 2004 MBA Media and Entertainment Conference, keynote speaker Donald E. Graham, chairman and CEO of the Washington Post Company, quickly gave two reasons why he was an odd choice to deliver the address. First, a self-described "third generation inheritor of a 19th century business," his professional experience hardly reflected the entrepreneurial aspirations of members of the audience. And second, he said, "There are several trends in the media industry, of which the Washington Post Company participates in zero." One trend the company particularly eschews is the obsession with quarterly earnings reports.