Advance Publications

Advance Publications, Inc.
Advance
Company typePrivate
IndustryMass media
FoundedMay 12, 1924; 100 years ago (1924-05-12)
FounderSamuel Irving Newhouse Sr.
HeadquartersOne World Trade Center, New York City,
U.S.
Number of locations
102
Area served
Worldwide
Key people
ProductsNewspapers, news and information websites, magazines, television
RevenueDecrease US$2.4 billion (2016)
OwnerNewhouse family
Number of employees
12,000
Subsidiaries
Websitewww.advance.com Edit this at Wikidata
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 publishing-relating companies including American City Business Journals, MLive Media Group, and Condé Nast, and is a major shareholder in Charter Communications (13% ownership), Reddit (42 million shares), and Warner Bros. Discovery (8% ownership).

History

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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

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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

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Main article: List of Advance 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 the Seattle-based digital agency Pop, Inc., and is a large 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

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  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. ^ a b 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. ^ a b 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

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  • 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.
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