Mixed Signals from Semafor Media

When now-President Donald Trump decided to put on an apron and serve customers at a McDonald’s drive-thru on the 2024 campaign trail, it put Tariq Hassan, then McDonald’s chief marketer, in a tight spot. On this week’s Mixed Signals, Ben and Max sit down with the former Golden Arches CMO to discuss the Trump episode, why he thinks ad makers should engage with journalists, and what goes into a good celebrity Super Bowl ad.

A year into Hollywood’s heralded vibe shift, as major production companies in the US have increasingly catered to broader or more conservative tastes, a gay Canadian hockey romance was not an obvious choice to become a hit. On this week’s Mixed Signals, Ben and Max bring on Bell Media CEO Sean Cohan to unpack the success of Heated Rivalry and explain how it became an overnight cultural sensation. Cohan also talks about Bell’s strategy of using licensing deals to reach new audiences, the enduring power of a well-told romance, and why Canadian storytelling is only getting started on the global stage.

Stephen Dubner has spent 20 years proving that things aren't what they seem—and now he's not so sure that's always true. The co-creator of Freakonomics and host of one of podcasting's most enduring shows joins Ben and Max to talk about why he never sold to Spotify, how The New York Times shifted from telling readers things to telling them what to think, and his new self-funded TV experiment that's "like laundering podcast money." Along the way, Dubner explains how he accidentally got sucked into the Blake Lively-Justin Baldoni gossip vortex (Candace Owens was involved), makes the case for prediction markets over pundits, and reveals why he's now considering buying a pizza place with a Michelin-starred chef who hated his soup. Plus: the real reason insider trading bans are absurd, and why Mario Cuomo was wrong about vowels.

Sarah Rogers, the State Department’s undersecretary for public diplomacy, joins Mixed Signals for a wide-ranging conversation about free speech, tech regulation, and why she’s been rattling the patience of some European governments. Max and Ben press her on confronting Europe over X, the Digital Services Act, and online speech — including accusations that she’s carrying water for Elon Musk and the far right. Rogers traces her worldview back to the early internet, Gawker comment sections, and First Amendment litigation, and explains why she sees today’s speech rules as potentially dangerous.And, don’t miss this week’s bonus episode of Mixed Signals: Max turns the tables on Ben and brings on Semafor CEO Justin Smith to ask the two about their big media news.

Semafor CEO Justin Smith joins Mixed Signals for a candid discussion about why the digital media company raised $30 million late last year, and how it reached profitability in just three years.

Max asks Justin and Semafor editor-in-chief Ben Smith about the company’s $330 valuation, the company’s planned investment in the Gulf and East Asia, and what it takes to build a modern media company in 2026.

Justin and Ben reflect on lessons from earlier eras of digital media, and the triumphs and mistakes Semafor made in its first three years.

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