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At first glance, Journalism is just another promising colt chasing glory at this year’s Kentucky Derby. But beneath the bay coat and late-race power is a story that reaches far beyond the racetrack—one about patience, discipline, and the kind of long-term thinking that feels increasingly rare in American business and culture.
The horse is co-owned by John Malone, the media titan whose name is synonymous with consolidation, control, and quiet dominance. Once dubbed the “Cable Cowboy,” Malone helped shape the cable-TV industry and built Liberty Media into a sprawling media empire that now owns Formula One. But behind his well-earned reputation as a ruthless negotiator lies something more unexpected: a deep commitment to land, conservation, and relationships. And while Malone famously shuns headlines and social events, Journalism the racehorse offers a rare window into that quieter philosophy—and into the paradoxes that define Malone himself.
At the Santa Anita Derby last month, Journalism delivered a performance that perfectly encapsulated Malone’s approach. Stuck on the rail early and dropped to last, the colt didn’t chase. He waited. Then, with uncanny timing, he swung wide and surged past the leaders to win in breathtaking fashion.
“Write this down!” the astonished track announcer bellowed. “Journalism is the best in the West!”
The strategy—wait, watch, strike—could have come straight from Malone’s playbook. For decades, he has made a fortune identifying undervalued assets, betting big when others won’t, and staying the course long after the headlines fade. In 1985, he wired $500,000 to Discovery Channel founder John Hendricks to keep the fledgling network from going dark. Thirty-five years later, Discovery’s market cap had grown to $20 billion before its 2021 merger with Warner Bros. In 2009, when SiriusXM teetered on bankruptcy, Malone stepped in with a $530 million loan. The return? Two years later, Liberty Media owned a 40% stake worth more than $5 billion, and would eventually come to own SiriusXM.
Malone’s patience isn’t limited to media. In 2013, he and his wife Leslie bought Bridlewood Farm in Ocala, Florida—a storied but aging thoroughbred operation. Rather than make a quick splash with a flashy stallion, they modernized the infrastructure, hired world-class staff, and focused on long-term development. The result: a resurgence of elite racehorses, including Tapwrit, winner of the 2017 Belmont Stakes, and now Journalism.
Profitable thoroughbreds are rare, but even if Journalism doesn’t place at Churchill Downs, his future as a high-end sire is already secure. As in business, Malone spreads the risk. The partnership of Malone, Aaron Wellman of Eclipse Thoroughbred Partners, and longtime collaborator Robert LaPenta is built on trust and strategic alignments. Wellman, a former high school newspaper editor, named the horse Journalism—a subtle nod that adds symbolic resonance to an already compelling story.
Malone’s bare-knuckle cable-TV negotiations earned him the moniker “Darth Vader” in the 1990s, but his land investments reveal the other side of the man. Today, he is the one of the largest private landowners in the United States—not to develop, but to conserve. He has restored working ranches across the Rockies, preserved vast open spaces in the West, and helped save a 600-acre Maryland farm from bulldozers.
Their interest in horses isn’t just business. It reflects a deeper ethos of stewardship, value and Leslie Malone’s lifelong affection for animals. In Colorado, the Malones funded the Harmony Equine Center, a 168-acre rehab and adoption facility that has rescued and rehomed over 1,000 abandoned or abused horses.
And value often lies where others fail to look. Take the colt with one eye. The ranch boss at Silver Spur Ranches, another of Malone’s holdings, bought the half-blind horse for only $1,200. With nurturing, that little one-eyed colt—WR One-Eyed Jack—grew up to be quite the stud, and a cornerstone of the breeding program at the Silver Spur Ranches, siring a long line of prize-winning working ranch horses.
What struck me most in working with Malone were these contradictions. The world wants clean categories: hero or villain, tycoon or tree-hugger. But people, like journalism, are often complicated, flawed, and full of competing truths.
These stories reflect Malone’s core belief: Value takes time to reveal itself. In an era driven by quarterly earnings and viral metrics, that belief is almost radical. But it’s also increasingly essential.
We live in a culture where speed is king. Where stock spikes outweigh fundamentals, and attention spans are monetized in milliseconds. We’ve confused flash for substance and page views for value. Journalism, the horse—and journalism, the profession—both suggest another path. One where patience, persistence, and long-term commitment still matter.
Whether Journalism wins the Derby or not, he has already delivered something more lasting than a trophy: a reminder that real progress—on the track, in business, in life—isn’t about racing to the front. It’s about knowing when to wait, when to move, and how to go the distance.
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This story was originally featured on Fortune.com
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Mark Robichaux
