Jared Kushner: My Generation Has 'Shorter Attention Spans, Greater Expectations' About News
The 25-year-old owner of the New York Observer says his new acquisition is poised to become a "cutting-edge media property." If he doesn't offer an engaging product, he adds, "someone else will."

By Patrick Phillips
I Want Media, 08/07/06

Jared Kushner is the new owner of the New York Observer, the "cheeky weekly" newspaper that, while reportedly losing $2 million a year, is widely regarded as a smart and feisty must-read for influentials in New York media, politics and high finance.

Kushner, the son of wealthy New Jersey developer Charles Kushner, is an active real-estate investor himself, and is said to have spent about $10 million for a majority stake in the salmon-colored paper. At age 25, he is perhaps the most high-profile young U.S. newspaper owner since William Randolph Hearst, at age 23, became proprietor of his first newspaper back in 1887.

Kushner says he has received hundreds of interview requests following the news last week of his new acquisition. He agreed to do a brief Q&A e-mail exchange with I Want Media, he says, due to my affiliation with New York University, where he is pursuing both his JD and MBA.

I Want Media: What is most appealing to you about the New York Observer?

Jared Kushner: The New York Observer is a phenomenally recognized brand. The newspaper currently has a dominant role in a niche market of the media capital of the world, New York City.

IWM: Why are you an ideal proprietor for the paper?

Kushner: I will bring great energy and enthusiasm to this newspaper and work hard to produce a product that our readers can be proud of.

IWM: The Observer is said to be losing $2 million a year. Does that worry you?

Kushner: No.

IWM: Can you reveal any changes you plan to bring to the paper?

Kushner: I cannot. I only urge you to read the New York Observer over the next months and wait and see.

IWM: Buying an "old media" product seems like an odd move for someone your age. Why not buy an Internet company?

Kushner: Very few Internet companies have both the old-line and new-line loyal following of the New York Observer.

By purchasing an "old media" product with 21st century charisma and the ability to further launch a 21st century platform, the New York Observer is perfectly positioned to evolve into a dynamic and exciting, cutting-edge media property.

IWM: Peter Kaplan, the editor of the Observer, says that your "25-ness" will be "a huge asset" for the paper. What unique perspective does your age provide?

Kushner: As I have said before, age is just a convenient barometer that people use to compare someone to their peers at a given point in their life.

Being young, I am not bound by conventional wisdom and, in this changing industry, I have the ability to see media for what it is becoming without having an emotional attachment to what it once was.

IWM: Statistically, most of your peers aren't in the habit of reading newspapers. Are you? Which ones do you read?

Kushner: New York Times (general news), New York Post (entertainment/best New York City reporting), Wall Street Journal (when I have the time -- very rich with information, a must-read). And, of course, the New York Observer.

IWM: Where do you get most of your news every day? Print, online, television?

Kushner: Hybrid. I read mostly online unless I can make it to the newsstand to pick up the papers. I keep CNBC on in the background all day while I work.

IWM: Do you think people of your generation consume news in a different manner than older people?

Kushner: Yes. I believe that when it comes to the news, my generation has shorter attention spans and greater expectations.

Society and media have evolved to the point where a person has to put forth very little effort to get the news. Rather, the news comes to us. People now expect to be entertained. And if I am not going to provide them with an engaging and cutting-edge product, someone else will.

IWM: The Observer is facing competition from blogs like Gawker and Jossip, which have a similar witty, irreverent style -- but are updated several times a day. How do you fight the blogs?

Kushner: Loyal Internet readers have the capacity to read as many sites as they deem necessary. There is much less constraint in this field, whereas in print, people are more likely to subscribe to just one newspaper.

I have great respect for what blogs such as Jossip and Gawker have accomplished in such a short time. I think they understand their clientele better than most in the media business.

I intend to make our Web site edgier and add additional daily content to expand our readership and provide a broader ranging product with something for everyone.

IWM: Do you have a profile page on Facebook, Friendster, MySpace or any other social networking site?

Kushner: No. I never got into that craze. I keep up with my friends the old-fashioned way, by using the telephone or meeting in person. I know -- foreign concepts in today's society.

IWM: Would you consider adding social networking features to the online Observer?

Kushner: I am completely open-minded and will do whatever it takes to make our Web site dynamic and successful, so long as the content fits within the Observer brand that I am going to work very hard to strengthen.

IWM: You have said that one of your goals is to increase the Observer's Internet traffic. How do you plan to do that?

Kushner: The obvious places to start are with more daily content, Web re-design, and mostly ... wait and see, as we have a lot of good ideas. We are actively interviewing people for both editorial and business expansion positions on this front.

IWM: Do you think newspapers published on paper will disappear eventually? Will the Observer always be on salmon-colored paper?

Kushner: As of now, I have no intention to change the color of the paper, or to stop printing it. While the Internet is a completely accepted and legitimate medium, there is something about having a print newspaper that makes the product special.

IWM: Do you plan to acquire more media assets?

Kushner: For now, I intend to devote my time and attention to making the New York Observer a successful venture.

IWM: What do you see yourself doing at age 35 or 45?

Kushner: Life is very interesting and it takes us all on many unexpected paths. The truth is, if you told me that at 25 I would own a premier New York newspaper and be actively purchasing real estate while completing a JD/MBA, I wouldn't have believed you.

At 35, 45? Your guess is as good as mine. Whatever I am doing, I hope to be having as much fun as I am now.



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