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Advance Publications

From Wikipedia, the free encyclopedia

Advance Publications, Inc.
Private
IndustryMass media
Founded1922; 97 years ago (1922)
FounderSamuel Irving Newhouse Sr.
HeadquartersStaten Island,
New York City
Number of locations
102
Area served
Worldwide
Key people
Steven Newhouse
(Chairman)
Thomas Summer
(CFO)
Donald Newhouse
(President)
ProductsNewspapers, News & Information Websites, Magazines, Television
RevenueDecrease US$ 2.4 billion (2016)[1]
OwnerNewhouse family
Number of employees
12,000
SubsidiariesAdvance Local
American City Business Journals
Condé Nast
Websitewww.advance.com

Advance Publications, Inc. is an American media company owned by the descendants of S.I. Newhouse Sr., Donald Newhouse and S.I. Newhouse Jr. It 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.[2] The company is nominally headquartered in the Advance offices in Staten Island's Grasmere neighborhood, though Advance has never had an official headquarters.[3]

As of October 2014, it was ranked as the 44th largest privately held company in the United States, according to Forbes.[4] Crain's ranked Advance Publications the 4th largest private company in the New York area in 2012.

In addition to holding publishing and communication assets, Advance serves as the holding company for the family's 31% stake in cable entertainment company Discovery Inc.[5] Advance also owns a 13% stake in Charter Communications, which it received when Bright House Networks merged with Charter.[6][7] In August 2018, Advance/Newhouse ("A/N") notified Charter Communications that it intends to establish a credit facility collateralized by a portion of Advance/Newhouse Common Units in Charter Communications Holdings, LLC.[8] That same month, Condé Nast CEO announced his five-year strategy to generate $600 million in new revenue from new revenue streams while driving costs out of the business.[9]

Directly and through various subsidiaries, the group owns Discovery channel, Condé Nast, the popular digital news website Wired, Lycos, Angelfire, Tripod and is the majority shareholder in Reddit.[10]

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Transcription

Reddit has been plunged into a yet another controversy after its CEO, Steve Huffman, admitted to secretly editing user comments. The revelation came after the site’s r/the_donald community logged unexplained changes to posts critical of Huffman. Moderators were known to have power to ban posts, but this may be the first discovered instance of existing content being altered. After r/the_donald’s investigation built a critical mass of evidence, Huffman appeared under his username “spez” to apologize. Although unverified, leaked Reddit chat logs appear to show him in a fierce debate about how to “handle” the 300k member subreddit... The ability to put words in the mouths of users may be especially concerning following an earlier comment from the Reddit CEO... ...who at a 2016 Next Web conference boosted that the site knows more than “you are willing to declare publicly on Facebook”... ...adding, “We know all of your interests... we know your dark secrets, we know everything...” Huffman’s statement was possibly intended to be a humorous reply to a question about using Reddit’s user data for ad targeting. Some Redditors, however, may now be wondering what secrets really are stored for future use and if they could ever be edited... Questions about whether Reddit is a business or community continue to be debated after the site’s 2006 acquisition by Conde Nast. The transaction, speculated to be worth $20M, lasted until 2011-2012 when Reddit was spun out as an independent entity... ...even though a tight corporate link remained via a 100% ownership stake taken by Conde Nast’s parent company, Advance Publications. Reddit takes pride in that fact that Advance shifted some of its stake into “the hands of current and future employees”... ...but details of Advance’s remaining majority ownership remain obscure and some wonder what it may ultimately demand as a return... In the meantime, Reddit seems comfortable building a valuation of over $500M on the backs of unpaid volunteers... ...a strategy that triggered the 2015 “Reddit Revolt” when one of the few paid Reddit employees working with moderators was fired. It is rumored that Victoria Taylor was dismissed from Reddit’s “Ask Me Anything” in a plan to commercialize the subreddit. Volunteer moderators blacked out the site in response, citing lack of communication and alleging Reddit didn’t value their work. In contrast, the “industry standard” cost of moderation for sites without free labor has been estimated .04 cents per comment... Reddit’s reliance on self-appointed volunteer moderators may also be leaving users exposed to outside manipulation. Allegations of “astroturfing,” or the hidden promotion of products and ideas by companies, are common among skeptical users... ...and cases of moderators banning websites and topics from large and popular subreddits have raised questions of transparency. In one troubling incident, r/technology was discovered blocking posts with words such as NSA, net neutrality, and Snowden... ...while other mods have been caught working for marketers or taking bribes from game companies such as EA to influence coverage. The motivations of Reddit’s moderators and users and the policies of the site’s overseers may not always be as they seem...

Contents

See also

References

  1. ^ "Advance Publications," Forbes.com. Accessed February 26, 2015.
  2. ^ Flamm, Matthew. "Advance Publications at crossroads". Crain's New York Business. Retrieved 2018-03-02.
  3. ^ Flamm, Matthew (November 21, 2010). "Advance Publications at crossroads". Crain's New York. Retrieved September 24, 2012.
  4. ^ "America's Largest Private Companies," Forbes.com. Accessed February 26, 2015.
  5. ^ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". CransNewYork.com. Retrieved 22 June 2012.
  6. ^ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters. Retrieved 25 June 2016.
  7. ^ "Charter Communications Agrees to Acquire Time Warner Cable". The New York Times. Retrieved 26 May 2015.
  8. ^ "Charter Prices $500 Million Senior Secured Notes - NASDAQ.com". NASDAQ.com. Retrieved 2018-08-25.
  9. ^ "Despite Ups and Downs This Year, Condé Nast's CEO Is Creating a Model That's 'Built to Last'". Retrieved 2018-08-25.
  10. ^ Greenberg, Juliane (28 July 2015). "For the Record: The Relationship Between WIRED and Reddit". Wired. Retrieved 29 January 2019.

Further reading

  • Lindauer, Wilson B. "Advance Publications Inc.". International Directory of Company Histories. Retrieved 2018-05-28 – 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.

External links

This page was last edited on 29 January 2019, at 02:25
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