"As I went to college, I went into radio and television. Now I suppose most people think that's one step ahead of basket weaving as a major in college, but it was part of the journalism department"

Sam Donaldson is making a joke about the perceived value of a college degree in radio and tv. He is suggesting that many individuals think that a degree in radio and television is not as valuable as a degree in a more conventional field, such as basket weaving. He is also suggesting that he was part of the journalism department, which is a more highly regarded field of study. By making this joke, he is showing his self-deprecating funny bone and his gratitude for the value of a college degree. He is likewise revealing that he takes pride in his accomplishments in radio and television, regardless of the truth that some people may not think it is a valuable degree.