Despite the sudden, and seemingly out-of-nowhere news that Ben Smith was leaving the Times, and that Justin Smith was stepping down as C.E.O. of Bloomberg Media, the Two Smiths had been quietly discussing their new media ambitions, on and off, for years. And it may take a decade to pull off. I chatted with the Smiths on the day of their big reveal.

Deal murmurs, M&A rumblings, the Zaz rumor mill, Iger’s next moves, and other insights into the media in-crowd’s inside conversation.