Katharine Graham: The Unlikely Media Mogul

Katharine Graham never expected to become a titan of media, much less the subject of a major motion picture or the companion of one of the greatest investors of all time. But history—and a twist of fate—had other plans.

Katharine Graham's rise to CEO of The Washington Post wasn’t the result of a carefully crafted career path—it was a sudden thrust into the spotlight, driven by personal tragedy. Her father, Eugene Meyer, had purchased the Post at a bankruptcy auction in 1933 and later passed the torch to her husband, Phil Graham. This was a time when leadership was a male-dominated affair, and Katharine’s role was seen as that of a supportive spouse, not a media mogul in the making.

But in the summer of 1963, everything changed. Phil Graham’s sudden death left a void at the top of one of America’s leading newspapers. Katharine, despite having minimal experience in executive leadership or journalism, was now put in charge of the major publishing enterprise. This transition came at a tumultuous time in history, with the civil rights movement in full swing and the nation still shaken by the assassination of President John F. Kennedy.

Taking the reins of the Post was like breaking through a glass ceiling that many didn’t even realize existed. Graham had to quickly adapt to a role that no other woman had held before in such a public arena, facing skepticism from peers, challenges to her authority, and the daunting task of guiding a newspaper through some of the most defining moments of the 20th century.

As she grew into the role, Graham began to show off her power with quiet confidence contrary to her initial reluctance. She surrounded herself with sharp editors and reporters, championed editorial independence, and transformed the Post into a leading national voice.

The Pentagon Papers and the Watergate scandal are two landmark moments in the history of American journalism and politics, both of which were significantly connected to Katharine Graham’s leadership of The Washington Post.

The Pentagon Papers were a top-secret Department of Defense study of U.S. political and military involvement in Vietnam from 1945 to 1967. This document was leaked by Daniel Ellsberg, a former military analyst, in 1971. The study revealed that several administrations had misled the public about the degree of U.S. involvement in Vietnam, both in terms of its actions and its optimism. When The New York Times began publishing excerpts, the Nixon administration obtained a federal court injunction forcing the Times to suspend publication on national security grounds.

The Washington Post, under Graham’s leadership, chose to pick up the baton, defying threats from the Nixon administration. The Post’s decision to publish further excerpts from the Pentagon Papers was a bold move, affirming the importance of a free press and the public’s right to know. The case quickly escalated to the Supreme Court, which ruled in favor of the newspapers, marking a significant victory for the First Amendment.

Watergate on the other hand, was a major American political scandal following the break-in at the Democratic National Committee (DNC) headquarters at the Watergate office complex in Washington, D.C., before the 1972 presidential election. The Nixon administration attempted to cover up its involvement, but two young Post reporters, Bob Woodward and Carl Bernstein, driven by Graham’s support for in-depth investigative journalism, dug deeper into the incident.

Their reporting exposed a web of political spying and sabotage, covert operations, and illegal activities by members of the Nixon administration. This ultimately led to congressional investigations and the resignation of President Richard Nixon in 1974, the only time in U.S. history a president has resigned.

Both the Pentagon Papers and the Watergate scandal highlighted the critical role of investigative journalism in holding the government accountable. The Washington Post’s commitment to uncovering the truth in these cases, supported by Katharine Graham’s fearless leadership, fortified the role of the press as a watchdog and also earned the newspaper a prestigious place in American journalism. These events under Graham’s stewardship were pivotal, both in safeguarding democracy and in establishing her legacy as one of the most influential figures in the media industry.

Join 100,000+ other business enthusiasts

Sign up for Edge, our free weekly newsletter.

• Sign up

Warren Buffett’s entry into Katharine Graham’s life was a pivotal chapter in her tenure as CEO of The Washington Post. When Buffett, with his keen eye for value and potential, began accumulating shares in the early 1970s, it was clear that the Post was on the verge of a transformation. His Berkshire Hathaway eventually became the largest shareholder of the Post’s stock outside the Graham family, a vote of confidence in both the newspaper and its leadership.

Buffett didn’t just bring his investment to the table; he brought his wisdom. He served as a mentor to Katharine, guiding her through the complexities of running a profitable enterprise without sacrificing the integrity of the journalistic mission. This relationship, however, wasn't one-sided. Buffett recognized Graham’s innate understanding of the newspaper business, her moral compass, and her unyielding commitment to journalistic excellence.

As influential as Buffett was, it was indeed Graham’s show. She was not just taking cues from the billionaire investor; she was leading with her own convictions, making tough decisions that would define the Post’s legacy. It was Graham who made the call to publish the Pentagon Papers despite legal threats, and it was under her leadership that Bob Woodward and Carl Bernstein delved into the Watergate scandal that would eventually lead to the resignation of President Richard Nixon.

In regular Buffett manner, he provided support without overshadowing her authority, offering counsel without dictating decisions. Katharine Graham emerged not just as a successful businesswoman under his mentorship but as a visionary leader in her own right. She navigated the Post through one of the most extraordinary periods in American history, solidifying its reputation as a protector of the truth.

Katharine Graham’s ascent to the helm of The Washington Post mirrors the very essence of an unexpected protagonist rising to the occasion. Her journey is brilliantly captured in William Thorndike's "The Outsiders," a book that examines the careers of eight unconventional CEOs whose radical approaches to business led their companies to extraordinary success. Graham stands out in this group because of her leadership and the extraordinary era of American history she helped to document and shape.

The story of Graham resonated so profoundly that it transcended the business world and captured Hollywood’s attention. The film “The Post,” directed by Steven Spielberg, brought Katharine Graham’s most significant test of leadership to a broader audience, with Meryl Streep portraying Graham. Streep, renowned for her chameleon-like acting ability, channeled Graham’s quiet strength and the daunting pressures she faced. The film centers on the publication of the Pentagon Papers, highlighting Graham’s courageous decision to go against government intimidation and potential financial ruin in the pursuit of the truth.

Katharine Graham’s story, as celebrated in Thorndike’s “The Outsiders,” and immortalized by Meryl Streep in “The Post,” offers an enduring lesson in leadership. She transformed a family business into a global powerhouse, blazed trails for women in leadership, and left a mark on journalism that will forever be etched in the history books.