OpenAI just bought a talk show.
TBPN is a live-streaming talk show about the tech industry with 11 employees and about 70,000 viewers per episode.
The acquisition price?
Reportedly, "low hundreds of millions of dollars," according to the Financial Times.
Whether you think this deal is genius or insanity, there's a lot to unpack here…
And a ton every founder, creator, and media operator can learn from it.
What Happened
On Thursday, OpenAI announced it has acquired TBPN (Technology Business Programming Network), a daily live tech and business show hosted by John Coogan and Jordi Hays.
TBPN will report to Chris Lehane, OpenAI's chief global affairs officer, and will help with company communications and marketing outside the show.
The show's advertising business will be shut down entirely.
What Is TBPN?
TBPN launched in October 2024 and started livestreaming for 3 hours every weekday in March 2025.
Think of it as the SportsCenter of tech — live, daily, fast-paced coverage of the biggest stories in technology and business.
The hosts are both former startup founders and investors.
They're not traditional journalists.
They're tech enthusiasts who built a show around the idea that someone should be talking about what's great about the tech industry — not just what's wrong with it.
Their guests are the who's who of Silicon Valley. Mark Zuckerberg, Satya Nadella, Marc Benioff, Alex Karp, and Sam Altman have all appeared on the show.
The Numbers
Here's what makes this story wild:
Team size: 11 people
Launched: October 2024 (roughly 16–17 months ago)
Average viewers per episode: ~70,000 across platforms (YouTube, X, LinkedIn)
YouTube subscribers: ~60,000
2025 ad revenue: ~$5 million
Projected 2026 revenue: $30 million+
An 11-person team. Profitable. On pace for $30 million in revenue in year two. Acquired for hundreds of millions of dollars.
There's no doubt Jordi and John have built a successful media business from scratch.
But on paper, it's not worth 100M+.
There are more reasons for the deal than just the audience and earnings.
The Internet's Reaction
This acquisition took over my X feed. Here are some of the most interesting takes I've found about the acquisition and what it means:
Austin Rief put it bluntly:
"Giving up .01% of your company to hopefully have your CEO not become the most hated man alive seems like the greatest trade of all time."
Anthony Pompliano thinks this is a talent play, not a media acquisition:
"OpenAI is not buying a show. They are not paying a multiple on revenue... OpenAI just pulled off one of the best talent acquisitions in a long time. They figured out how to hire generational talent to beef up their marketing and comms efforts. The money was merely the price it would take for the team to give up their neutral position in the ecosystem."
Business Insider's Peter Kafka called it "a shocker that makes sense":
"Coogan and Hays sold now, just as they were starting to build a real advertising business, because building a real advertising business is hard. And selling to OpenAI means they never have to worry about it again."
It seems like OpenAI bought TBPN because they like the idea of owning a talk show that's consistently upbeat about the tech business in general and AI specifically. And because they think the two guys who host that show would be useful assets when it comes to communicating with the outside world. Maybe they'd be good to get in front of skeptical regulators. Or advertisers. Or both.
They're not terribly interested in being critical about any of the people or companies they cover: TBPN is a show that gives tech executives and investors a chance to deliver whatever message they'd like to other tech executives and investors.
I'd be surprised if TBPN ever causes much heartache for their new bosses — at least while the tech and AI markets are going up, up, up: Powerful tech people go on TBPN because other powerful tech people appear on TBPN. As long as that flywheel keeps running, everyone will be happy."
Sam Altman himself framed it as a marketing problem:
"They are genius marketers. If AI were a political candidate, it would be the least popular one in history. And given the amazing things AI can do, I think there's got to be better marketing for AI."
John Gruber is skeptical and sarcastic.
He pointed out that TBPN will report to OpenAI's head of PR, and compared it to the Washington Post under Jeff Bezos and CBS News under David Ellison.
"Many news and commentary publications have remained steadfastly independent while reporting to the head of PR for a company they ostensibly cover."
Neil Cybart questioned the long-term value of the show itself:
"1) I doubt this is about the podcast itself as there is no reason for OpenAI to buy a tech podcast. In addition, the TBPN podcast will now face new headwinds as they officially lose their independence. For example, I'm skeptical Mark Zuckerberg will want to invite TBPN (i.e. OpenAI employees) to his events. Same dynamic would be found with every other OpenAI competitor contemplating whether or not to appear on TBPN. Instead, TBPN will be left with a guest list filled with OpenAI friends, family, and supporters."
2) The deal strikes me as being more about Sam Altman wanting the TBPN crew to reimagine OpenAI marketing - think appealing to younger developers and tinkers - in a bid to steal mindshare from Big Tech.
3) I can't help but think TBPN began to see that it was going to be a tough slog from here as an independent venture. They received so much great press from legacy publications while also benefiting from the X algorithm. And yet viewership numbers remained niche given the related spending / size of company / resources / great word of mouth.
In summary, a weird transaction likely greased by OpenAI cash / stock and influenced by a deteriorating outlook for a truly indie podcast with a rapidly growing expense load.
Rachael Horwitz argued that editorial independence was beside the point entirely.
TBPN was never traditional journalism. It was built to serve a growing demand for conversations about tech from people who are native to the ecosystem.
"The editorial independence point in the TBPN / OpenAI deal that people are talking about is kind of beside the point. That's not actually what this audience is here for.
A large gap opened up around ~2016, at the peak of mainstream media's antagonism toward tech. Out of that came a Cambrian explosion of new formats built around the idea that there is appetite for in-depth conversations about tech, the business of it, the culture of it, and how decisions actually get made, from people who are native to the ecosystem and seen as credible by it.
There is a place for scoops, accountability, and traditional reporting. But this is a different product serving a different and growing demand.
Everyone watching basically gets it. No one thinks these platforms are objective journalism. People have perspectives, incentives, and allegiances. People have their bags and their tribes which is totally part of the fun.
To be fair to TBPN, they fully will invite Anthropic execs on the show because that just makes it all the more interesting and grows the audience which benefits OpenAI.
The growth of this category is exactly why major tech companies increasingly participate directly, rather than leaving the narrative to traditional media, similar to how Google and Apple built developer conferences (became media events) instead of relying on bloggers to interpret everything for them and reach that audience.
Wired framed it as OpenAI buying goodwill:
"A source close to OpenAI says the company doesn't expect TBPN to contribute financially to the business, though it will help with OpenAI's communications strategy.”
"OpenAI has fallen under increased public scrutiny in recent months. OpenAI president Greg Brockman cited AI's popularity issues as a core reason for his increased political spending.”
Aakash Gupta says it’s about OpenAI's IPO strategy:
"This is OpenAI's pre-IPO media strategy in one acquisition.
OpenAI bought a daily broadcast studio with direct access to every major founder, VC, and tech exec in Silicon Valley, then plugged it into their comms org right before an IPO.
The NYT is suing them. The Chicago Tribune is suing them. Traditional media relationships are deteriorating across the board. So instead of fixing those relationships, they bought a media property that doesn't need them.
58,000 subscribers. $30M run rate. Reporting to the global affairs team. The math only works if the value isn't the audience size. The value is the Rolodex and the daily narrative-setting power with the exact 50,000 people who decide where capital flows in tech."
The Hollywood Reporter says the most powerful people in the world are obsessed with media:
"It's a tale as old as time: Are you a corporate titan, unhappy with how you or your company are portrayed in the realm of popular opinion? Good news: You can buy the media."
"Sam Altman is buying his favorite show, Larry Ellison is buying CNN to merge it with CBS News, Jamie Dimon is toying with launching a venture. It may mark a new era of vanity media owners."
Max Chafkin (Bloomberg) called it reverse blackmail:
"My theory on TBPN beyond that is a marketing expense is that it's a sort of a reverse Gawker. Basically sends a signal to any independent creator…say nice things about AI and there might be a massive payday on the way"
Atlas highlighted something most people overlooked — likeability:
"The TBPN acquisition displays the importance of being likeable. If John and Jordi were in any way portrayed as sketchy or unlikeable by even a few, the surface area for bad press would be immense."
My take?
There's truth to all of these quotes. Some more than others.
Here are my thoughts:
1) Prediction: The TBPN × OpenAI acquisition will go one of two ways:
A. It's the best investment OpenAI has ever made. John and Jordi become the public faces of the AI industry. Sam Altman quietly fades from the spotlight -- every appearance hurts more than it helps.
John and Jordi are the charismatic leaders AI needs.
3 years from now, AI finally has slightly positive public perception.
B. OpenAI loses interest in 1-2 years. John and Jordi buy it back for pennies on the dollar. Think Dave Portnoy and Barstool.
Either way, TBPN wins.
2) John and Jordi have built something special. I'm happy for them. There's a lot of negativity (and jealousy) about the acquisition.
I don’t buy into it because I don't think it will negatively affect anyone.
3) TBPN has always been a tech and AI positive show. The new ownership won’t change much of what they talk about.
However, it could cause them avoid certain topics and guests.
4) They jumped off the mountain at the top. Smart move.
The past 3-6 months have been peak TBPN hype. They've built a category king show. Everyone in tech is talking about it.
I'd even say more people talk about it than actually watch it.
But no matter how well they do in the long run, that hype will die down. John and Jordi saw that coming and had opportunity to exit for a once-in-a-lifetime offer.
So they took it. It's a no-brainer.
5) The future of TBPN as a show? Is likely less impactful than if they would have stayed independent. Any news show will get soured by biased corporate ownership.
TBPN won't have the same impact it did before. At least for now. But eventually, people will forget about the acquisition and the audience and impact grow 2-3 years from now.
I’ll be covering this more on the New Media podcast.
What the Acquisition Contract Actually Says
This is worth noting. The deal includes specific contractual protections for TBPN's independence:
TBPN retains full control over programming, editorial decisions, guest selection, and production schedule
OpenAI will not influence who TBPN books or what topics it covers
OpenAI will not materially alter, discontinue, or rebrand TBPN
OpenAI does not have rights to TBPN host likeness
TBPN independently determines its external appearances and commentary
Strong language. Whether it holds up under real-world pressure is another story.
What We Can Learn From TBPN
Forget whether OpenAI overpaid.
Forget whether this makes financial sense.
Forget whether editorial independence survives (or if it matters).
Here are the takeaways from TBPN that you can use to build your media company or content business:
1) They went all in
I had a brief DM conversation with John Coogan about what made TBPN successful.
Here’s what he said:
“My main insight is that the gap between full time and part time is insane.
Tons of “creators” almost no one full time.
Everyone has a company, a fund, a product, a course. Something to pull them away from the core thing.
Keep the core thing the core thing and success will come.”
Even if you run a media business full time — very few people are spending all of their time on the core thing your audience truly cares about.
Everyone is busy with other stuff. Selling ads, marketing offers, booking guests, production, distribution, hiring, managing — the list goes on.
That other stuff that is not core thing actually takes up MORE of your time.
John and Jordi shut down everything else to focus on the show.
They work out every morning together for 1-2 hours to prep for the show.
They do the show for 3 hours every weekday.
And, I imagine most of their additional time is spent preparing for the next show.
That’s 5+ hours every day working on the core thing.
John and Jordi built a team to do production, sell ads, and distribute the content, so they are nearly 100% focused on the product.
Why it matters:
TBPN's only been around for about 18 months. But they’ve invested more time into their core product than most media founders do in 5 years.
2) Live is a moat
TBPN didn't build a polished, pre-recorded podcast.
They built a live, daily, high production, 3-hour show with flair and personality.
That's hard to replicate.
Anyone can launch a podcast. Very few people can show up live for three hours, five days a week, and make it compelling.
The live format created urgency, habit, and a sense of community that pre-recorded content can't match.
Plus, a live show can also be repurposed every other media format:
YouTube videos
Newsletter
Podcasts
Clips
3) Clips are still underrated
TBPN's live audience was modest — a few thousand concurrent viewers.
But the clips generated tens of millions of impressions.
The 3-hour show is a content factory. Every episode produces dozens of viral moments.
The long-form show built depth and credibility. The clips built discovery.
You need to take clips seriously. Especially if you serve B2B audience.
4) The guest list is the brand
Zuckerberg, Nadella, Altman, Benioff, Karp.
When the most powerful people in tech treat your show as the place to be, that becomes your brand positioning.
You don't need millions of viewers. You need the right viewers.
TBPN proved that a small, influential audience can be worth more than a massive general one.
5) Being likeable is a business strategy
John and Jordi have have off the charts charisma and likability.
Combine that with tech expertise and real experience as founders…
That combination is almost unheard of.
Even the biggest AI company (OpenAI) values intangible human skills.
6) Trust is everything
AI is about to flood the internet with infinite content at near-zero cost.
But AI can't replicate human trust and credibility. In a world of AI-generated everything — live, personality-driven, high-trust media is a valuable asset.
7) Tech companies buying media is not a one-off trend
HubSpot bought The Hustle, My First Million, Starter Story, Mindstream, and more.
Robinhood bought MarketSnackers and launched Sherwood News.
a16z acquired Turpentine and brought on Erik Torenberg.
Semrush bought Search Engine Land and Backlinko.
Plaid bought This Week in Fintech.
Ahrefs acquired Detailed.com.
Now OpenAI bought TBPN.
If you're building a business audience in a valuable niche, you are a potential acquisition target. Build accordingly.