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Advance Publications

From Wikipedia, the free encyclopedia

Advance Publications, Inc.
TypePrivate
IndustryMass media
Founded1922; 99 years ago (1922)
FounderSamuel Irving Newhouse Sr.
HeadquartersOne World Trade Center, ,
United States
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)
OwnerNewhouse family
Number of employees
12,000
SubsidiariesAdvance Local
American City Business Journals
Condé Nast
Websitewww.advance.com Edit this at Wikidata
Footnotes / references
[1]

Advance Publications, Inc., branded as Advance, is an American media company owned by the descendants of S.I. Newhouse Sr., Donald Newhouse and S.I. Newhouse Jr. It owns a large number of subsidiary companies, including Condé Nast, and has majority shares in the Discovery Channel and Reddit.

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.[2]

In August 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.[3] 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.[4]

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.[5]

Description

The company is nominally headquartered in the Advance offices in Staten Island's Grasmere neighborhood, though Advance has never had an official headquarters.[2] As of November 2019, it was ranked as the 221st largest privately held company in the United States, according to Forbes.[6]

Subsidiaries

In addition to holding publishing and communication assets, Advance serves as the holding company for the family's 31% stake (as of 2010) in cable entertainment company Discovery, Inc.[7] Advance also owns a 13% stake (as of 2016) in Charter Communications, which it received when Bright House Networks merged with Charter.[8][9]

As of August 2021, the group owns Condé Nast (which includes the magazines Vogue magazine, The New Yorker and Wired[10]), 1010data, Turnitin, The Ironman Group, Advance Local, ACBJ, Stage Entertainment, Leaders Group and Pop (Made in Seattle), and is a majority shareholder in Reddit, Charter Communications and the Discovery Channel.[11][10]

References

  1. ^ "Advance Publications". Forbes.com. Retrieved February 26, 2015.
  2. ^ a b Flamm, Matthew (2010-11-21). "Advance Publications at crossroads". Crain's New York Business. Retrieved 2012-09-24.
  3. ^ "Charter Prices $500 Million Senior Secured Notes - NASDAQ.com". NASDAQ.com. Retrieved 2018-08-25.
  4. ^ Jerde, Sara (2018-08-10). "Despite Ups and Downs This Year, Condé Nast's CEO Is Creating a Model That's 'Built to Last'". Adweek. Retrieved 2019-08-30.
  5. ^ "Advance completes acquisition of The IRONMAN Group". Advance. 20 July 2020. Retrieved 18 August 2021.
  6. ^ "America's Largest Private Companies," Forbes.com. Accessed May 05, 2020.
  7. ^ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business. Retrieved 22 June 2012.
  8. ^ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters. 2016-05-27. Retrieved 2016-06-25.
  9. ^ Steel, Emily (2015-05-26). "Broadband at the Center of Charter-Time Warner Cable Deal". The New York Times. ISSN 0362-4331. Retrieved 2015-05-26.
  10. ^ a b Greenberg, Julia (2015-07-28). "For the Record: The Relationship Between WIRED and Reddit". Wired. ISSN 1059-1028. Retrieved 2019-01-29.
  11. ^ "Advance". Advance. 20 July 2020. Retrieved 18 August 2021.

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 30 September 2021, at 17:30
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