Advance Publications, Inc.
Advance
TypePrivate
IndustryMass media
FoundedMay 12, 1924 (1924-05-12)
FounderSamuel Irving Newhouse Sr.
HeadquartersOne World Trade Center, New York City, New York, U.S.,
U.S.
Number of locations
102
Area served
Worldwide
Key people
ProductsNewspapers, news & information websites, magazines, television
RevenueDecrease US$2.4 billion (2016)
OwnerNewhouse family
Number of employees
12,000
Subsidiaries
Websitewww.advance.com
Footnotes / references
[2]

Advance Publications, Inc. is a privately held American media company owned by the families of Donald Newhouse and Samuel Irving Newhouse Jr., the sons of company founder Samuel Irving Newhouse Sr. It owns a large number of subsidiary companies, including American City Business Journals and Condé Nast, and is a major shareholder in Charter Communications, Reddit and Warner Bros. Discovery.

History

The company is named after the Staten Island Advance, the first newspaper owned by the Newhouse family, in which Sam Newhouse bought a controlling interest in 1922.[3]

On August 25, 2018, Advance/Newhouse ("A/N") notified Charter Communications that it intended to establish a credit facility collateralized by a portion of Advance/Newhouse Common Units in Charter Communications Holdings, LLC.[4] That same month, Condé Nast CEO Robert A. Sauerberg Jr. announced his five-year strategy to generate $600 million in new revenue from new revenue streams while driving costs out of the business.[5]

In March 2020, the company acquired The Ironman Group, a mass participation sports platform including the Ironman Triathlons and Absa Cape Epic mountain bike race, from the Wanda Sports Group.[6]

Description

For most of its history, Advance had no official headquarters; most publications listed the Advance offices in Staten Island's Grasmere neighborhood as its nominal headquarters.[3]

While it did not have a corporate headquarters, Advance did operate a press bureau in Washington, D.C., the Newhouse News Service (NNS). Opened in 1961, NNS served as a national news bureau for all Advance portfolio publications until it closed in late 2008 as a cost-cutting measure due to the 2007–2008 financial crisis.[7]

As of November 2019, Advance was ranked as the 221st largest privately held company in the United States, according to Forbes.[8]

Subsidiaries

As of August 2021, the group owns Condé Nast (which includes the magazines Vogue, The New Yorker and Wired),[9], Turnitin, The Ironman Group, Advance Local, American City Business Journals, Stage Entertainment, Leaders Group and Seattle-based digital agency Pop, Inc., and is the majority shareholder in Reddit.[10][9]

The company holds an 8.16% ownership in media conglomerate Warner Bros. Discovery,[11] carried over from its 31% stake in predecessor Discovery, Inc.[12] Advance also owns a 13% stake (as of 2016) in Charter Communications, which it received when Bright House Networks merged with Charter.[13][14]

References

  1. ↑ Goswami, Rohan (June 1, 2023). "Reddit will charge hefty fees to the many third-party apps that access its data". CNBC. Retrieved June 16, 2023.
  2. ↑ "Advance Publications". Forbes.com. Retrieved February 26, 2015.
  3. 1 2 Flamm, Matthew (November 21, 2010). "Advance Publications at crossroads". Crain's New York Business. Retrieved September 24, 2012.
  4. ↑ "Charter Prices $500 Million Senior Secured Notes — NASDAQ.com". Nasdaq.com. Retrieved August 25, 2018.
  5. ↑ Jerde, Sara (August 10, 2018). "Despite Ups and Downs This Year, Condé Nast's CEO Is Creating a Model That's 'Built to Last'". Adweek.com. Retrieved August 30, 2019.
  6. ↑ "Advance completes acquisition of The Ironman Group". Advance.com. July 20, 2020. Retrieved August 18, 2021.
  7. ↑ Siegel, Fern (July 30, 2008). "Newhouse News Service Shutters After 47 Years". MediaDailyNews. Media Post. Archived from the original on April 11, 2022. Retrieved August 3, 2023.
  8. ↑ "America's Largest Private Companies", Forbes.com. Accessed May 5, 2020.
  9. 1 2 Greenberg, Julia (July 28, 2015). "For the Record: The Relationship Between WIRED and Reddit". Wired. ISSN 1059-1028. Retrieved January 29, 2019.
  10. ↑ "Advance". Advance.com. July 20, 2020. Retrieved August 18, 2021.
  11. ↑ "Warner Bros. Discovery – Annual Reports & Proxies". ir.wbd.com.
  12. ↑ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business. Retrieved June 22, 2012.
  13. ↑ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters.com. May 27, 2016. Retrieved June 25, 2016.
  14. ↑ Steel, Emily (May 26, 2015). "Broadband at the Center of Charter-Time Warner Cable Deal". The New York Times. ISSN 0362-4331. Retrieved May 26, 2015.

Further reading

  • Lindauer, Wilson B. "Advance Publications Inc.". International Directory of Company Histories. Retrieved May 28, 2018 – via Encyclopedia.com.
  • Maier, Thomas (1994). Newhouse: All the Glitter, Power, and Glory of America's Richest Media Empire and the Secretive Man Behind it. St. Martin's Press. ISBN 978-0-312-11481-7.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.