It seems evident that Emil did suggest setting up a rather Orwellian coalition for responsible journalism that would be nothing of the sort. Even the nicer account details that rather well, amusingly blind to the fact that her version still sounds shady as hell. Now given that this was said to a reporter at dinner, the fact it came to be published represents normality and you do not really need to go digging through the investor list of the news organization involved to see why it got published. If buzzfeed hadn't carried it, someone else would.
edit - remember, this is the half-heard sympathetic version:
"The last comment that I heard was when Emil hypothesized about creating a coalition for responsible journalism. Ben said that would likely fail because companies have no expertise in journalism. Emil flippantly said he could hire professional journalists for $1 million to get the expertise to make sure that they could respond when negative articles come out."
"I heard a mention of a Sarah Lacy and overheard Emil say that he felt terrible that by writing an article, Sarah had actually suggested that people choose less safe alternatives based on a charge of sexism that was really a personal attack on the CEO with no basis in fact. Emil then said that Sarah wouldn't like it if someone wrote false things about her or published an article that was factually wrong because we all have done things in our private lives we are not proud of."
Even this version still sounds much like a plan for a well funded astro-turf operation with an implicit threat to go after journalists, specifically Sarah Lacy, no matter how flippantly, casually or politely it was said.