What really caused the breakdown between tech and media—and what comes next?

In this episode, Erik Torenberg sits down with Balaji Srinivasan (entrepreneur, investor, and author of The Network State) to explore the long-building conflict between Silicon Valley and legacy journalism. Balaji explains how the collapse of traditional media business models gave rise to political capture, clickbait, and adversarial coverage of the tech industry.

They discuss why “going direct” is no longer optional, how tech became the villain in establishment narratives, and what it would take to build a new truth infrastructure—from decentralized content creation to cryptographic verification.

This episode dives deep into power, distribution, and the future of media, with a signature mix of historical insight, social analysis, and Balaji’s forward-looking frameworks.

Timecodes: 00:00 Introduction: State vs. Network and the Media Landscape 01:05 The Collapse of Newspaper Revenue and Rise of Tech 02:45 Media, Wokeness, and Political Realignment 07:00 The State vs. Network Framework Explained 13:00 The Power Structure of Media Institutions 18:00 The Role of Distribution and the Scarcity of Attention 23:00 Social War: Red vs. Blue America and the Internet 30:00 Cancel Culture, Social Media, and Institutional Capture 37:00 Building Direct Distribution: Advice for Technologists 44:00 Individual vs. Institutional Media: The Rise of Creators 50:00 Decentralized Truth: Crypto, Blockchain, and the Ledger of Record 57:00 The Future of Democracy and Media in a Networked World 01:02:00 Tech Envy and Media’s Obsession with Control 01:05:47 Woke Media Tactics: From CIA Playbook to Cancel Culture 01:11:00 The Journalists Who Helped Build Communism 01:14:51 Aid vs. Investment: Redefining Global Help 01:21:14 Advice for the Next Generation of Builders 01:22:28 From Reaction to Creation: Building Better Media 01:25:02 The Ledger of Record: Blockchain as Truth Infrastructure 01:28:02 Why Commentary Alone Isn’t Enough 01:31:26 AI, Robo-Journos, and Russell Conjugation 01:34:32 Media Hypocrisy: NYT vs. NYT 01:37:58 New Media Needs New Truth Standards 01:42:00 Conclusion: Reclaiming Democracy and Truth