Media mogul Ken Lerer — the chairman of BuzzFeed, a board member at Viacom and a venture capitalist — talks with Recode’s Peter Kafka about the media landscape in 2017. Lerer, who previously helped start MTV and co-founded HuffPost with Arianna Huffington, discusses why BuzzFeed did the right thing with its explosive Trump dossier, what he looks for in companies he invests in, and why he’s more optimistic about AT&T’s pending acquisition of Time Warner than he is about Verizon’s deal to buy Yahoo and AOL. He also makes the case for a Breitbart-style online news outlet for liberals.

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