«Business Media Is the Nervous System»: Mikhail Zelentsov on Media Projects, Science, and the Secret to Teaching

In a world of fierce competition and rapid information flow, journalists help people navigate the complex ecosystem of business media. They provide deep insights and forecasts that can shift outcomes — and sometimes even shape history.

© Photo from Mikhail Zelentsov's personal archive

How do you teach business journalism in a way that excites students? What are the key trends in today’s global media market? How does the media industry intersect with science? And where could AI replace human journalists? We discussed these questions and more with Mikhail Zelentsov, an associate professor at HSE’s Media Institute, creative director of the «Modern Journalism» program, and academic advisor for the «Business Journalism» track in bachelor’s and master’s studies.  

A Birthday Gift: A Job at HSE 

By late 2020, I felt myself burning out. The pandemic was raging, and I knew I needed a change. I left TASS, where I’d worked my way up from editor to deputy head of the news desk. I knew the people at the management of HSE Media Department, and just before New Year’s — right around my birthday — I got an offer.  

My first memory of HSE is a warm one. It was freezing in early 2021, and though I was only teaching one course, I was already sketching out «Economic Bubblegum». The idea came to me in Nikolina Gora resort, outside Moscow — my biggest HSE media project was born among beautiful nature landscapes. After drafting a synopsis, I pitched it at the «Project Fair», and soon, the first team came together.  

We brainstormed constantly, and eventually built what’s now a full-fledged lab and one of Telegram’s top economics media outlets. None of it would’ve happened without an incredible team of students. 

«Business Media Is the Nervous System»

I always tell students that news constructs reality. In most journalism sectors, that framework often breaks — but not in business media. I often quote a colleague whose words I fully agree with: «If media is the human body, business media is the nervous system.» Mistakes here can be deadly.

Take the Great Depression. The Wall Street Journal failed to predict the crisis, and investors jumped from Manhattan skyscrapers. In business journalism, every word and number matters. It doesn’t just reach a mass audience — it affects banks, stock exchanges, entire economies. Journalism evolves, but economics is society’s foundation.  

Everything that concerns us today — how we commute, what we wear, what we eat, stock market shifts — is business journalism. We can tune out social issues or international news, but business media is inescapable. It’s always been in demand, unlike, say, international journalism, which wasn’t as popular in the ’90s as it is now.  

Surprisingly, business journalism was barely taught at HSE’s Media Institute. I was specifically asked to fix that: first, design an economic journalism course, then build bachelor’s and master’s tracks. Now, it’s grown into a «monster» — in the best way. We’re steeped in professional culture, learning how to protect the delicate «nerve cells» of business media.

The Shortage of Real Business Media 

There aren’t many true business media outlets, even if it seems otherwise. Russian press style largely stems from Kommersant and Vedomosti. Quality Press standards are rare. When designing the master’s program, I looked to Moscow State University’s business journalism track (founded by Andrey Vyrkovsky) and Columbia University in New York.  

At Columbia, breaking into business media means surviving «35 circles of hell» — but it makes sense. Students know they’ll land jobs at Bloomberg or the Wall Street Journal, building connections theater critics at the New York Times could only dream of. Those ties open doors to PR roles elsewhere.  

Our faculty are all industry veterans — from TASS, RIA Novosti, Vedomosti, Kommersant, and Business FM. Many students secure jobs before graduating. Sure, they’ll defend their theses and get diplomas — but the real win is they’re already applying what I’ve taught them. They’re voicing opinions, pitching ideas, and most importantly, earning a living. That’s the best thing I can give them.  

A Project That Made Me Proud

One offline project stands out: a collaboration with Rosatom. They hosted a major gathering for young journalists and media specialists, training them in science communication — especially nuclear topics. I led the program, assembling a team of undergrads and master’s students. Some even stayed at a VDNKh hotel to be nearby, as we brainstormed daily at the Atom pavilion.

Our team won «Best Digital Project» at Rosatom’s School of Atomic Communications. I hope we’ll do it again. We rarely discuss energy, but oil and nuclear power are our gold.  

Future Plans 

I want to launch a research group: «Media in a Deglobalizing World: Content, Economics, Professional Skills». It’s a major project, hopefully starting late this year. We’ve already got students and faculty on board. We’ll publish reports, analyze global media markets, and track shifts. 

The 1980s globalization wave brought the free flow of information concept, pushed by the U.S. and U.K. Media lost authenticity; informational sovereignty faded. Now, as deglobalization unfolds, markets are reclaiming their identities.  

Our first seminar (if it happens) will focus on Asian markets. I studied Japanese media in grad school — it’s deeply authentic. Millions read newspapers; NHK and studios like Ghibli dominate niches. Meanwhile, China feels like the 25th century. In 2019, I visited People’s Daily, China Daily, and Xinhua for TASS. Robots greeted us at the door—in 2019. 

«If You Don’t Love Students, Get Out of Teaching»

A business journalist must be competent, responsible, and goal-driven. I start with lectures, move to practice, then send students to «Economic Bubblegum» — and later, Vedomosti. When their eyes light up in that flow, I know they’ll succeed.

Teaching is an energy exchange. Everyone’s different, but I aim to inspire. People call me high-energy — it’s true. I share what I know, and when students engage, we burn together (in the best way).

It’s cliché but vital: «Love your students.» If you don’t, quit teaching. If you don’t love people at all, quit journalism. Trust is key — students must trust you, and you must trust them, your sources, and your fact-checkers.

My second-year business journalism undergrads are amazing — their passion in class and at «Bubblegum»’s editorial office is palpable. I hope that fire lasts until graduation. My master’s students are just as impressive, launching projects like «Kosar» and «Zelenka», presenting them in St. Petersburg, then sending me late-night Telegram updates.

At every Open House, I say my biggest unfinished business is any student who graduates jobless. I track alumni placements obsessively.  

«A Child Named ‘PhD Thesis’»

In February, I defended my thesis — «Business Processes Hybridization in Russian News Agencies in the Context of Media Convergence» — earning a PhD in Communications with highest distinction.  

Twelve years ago, I wanted a PhD, but I devoted myself to the news media industry. Only later did I reflect, turning experience into research. I spent years interviewing former bosses, analyzing media texts, and reviewing theory — including English-language sources.  

I dedicated this work to my mother. She dreamed of seeing me defend it. She was dying when I finished writing my thesis. I barely remember that period — between caring for her, managing the house, working nights, and editing drafts.  

You pour your soul into this child called a PhD thesis. For some, it takes nine months. For me, it took twelve years.  

«When AI Fails, Human-Like Editors Apologize»  

I’m not sold on the «AI hype». At first, it just annoyed me. Then I tested it — and saw how badly it messes up. While researching, I asked media professionals about AI. TASS uses it internally for data clustering and machine learning. Interfax lets neural networks write 20% of its news. Do they err? Constantly. AI isn’t ready to replace newsrooms yet.  

When will it happen? No idea. But someday neural networks will eventually replace news writers and rewriters. Interviewers, reporters (especially TV journalists, whose on the ground presence captivates the audience), deep analysis, op-eds, and investigative pieces — including financial probes — will stay, though. AI can draft stock updates but not consensus forecasts like Vedomosti’s flagship format.

We expected AI to be a helpful tool, but it hallucinates. When it fails, human-like editors apologize. We can’t ignore it, but blindly believing in AI’s power is reckless. Balance is everything.  

 

Ksenia Zhakova, third-year student of the «Journalism»

Translated by Alexandra Volkova, first-year student of the «Interactive Media and Digital Industries»