Smith was born in Madison, South Dakota and grew up in the small town of Pipestone, Minnesota. He developed an interest in radio by listening to broadcasters Edward R. Murrow, Eric Sevareid, Douglas Edwards, and Robert Trout. He earned a journalism degree at the University of Minnesota where he was a member of Phi Sigma Kappa fraternity. Smith graduated in 1956. He was editor-in-chief of the Minnesota Daily student newspaper during the 1955–56 academic year.
