Decoder with Nilay Patel Decoder with Nilay Patel

It's about ethics in journalism, with Ben Smith

Aug 17, 2026 · 1h 11m

Summary

Nilay Patel interviews Ben Smith, Editor-in-Chief of Semaphore, about his shift from chasing viral traffic to building a profitable, "anti-scale" news organization. They discuss Semaphore’s hybrid model, which splits revenue evenly between journalism and high-profile events, and its strategy of covering underreported regions like Africa and the Gulf. The conversation also explores the ethics of hosting industry leaders on advisory boards while maintaining editorial independence and the evolution of their distinct "Semiform" writing style.

Topics discussed

Sponsors: DeepGram Flux TTS and Monday.com Semaphore's evolution into an anti-scale media company Lessons from BuzzFeed and the traffic apocalypse Social platforms, UGC, and the failure of ad-based news Monetizing via events and the 'convening' business Global expansion: Africa, the Gulf, and networked audiences International reporting challenges and conservative operators The Semaphore format: separating facts from analysis Building a business team and maintaining editorial independence Competing with Davos: tough interviews at tech conferences Journalistic integrity vs. access and influencer culture The clip economy, conflict, and changing ad conventions Ethics in marketing and the perception of corruption Political influencer marketing and regulatory crackdowns Government regulation of tech and AI policy Reporting in the Gulf and personalist rule styles AI in reporting and episode wrap-up
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