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 (30% ownership), and Warner Bros. Discovery (8% ownership).
 | |
| Advance | |
| Company type | Private |
| Industry | Mass media |
| Founded | May 12, 1924 |
| Founder | Samuel Irving Newhouse Sr. |
| Headquarters | One World Trade Center, New York City, U.S. |
Number of locations | 102 |
Area served | Worldwide |
Key people |
|
| Products | Newspapers, news and information websites, magazines, television |
| Revenue |  US$2.4 billion (2016) |
| Owner | Newhouse family |
Number of employees | 12,000 |
| Subsidiaries |
|
| Website | www |
| Footnotes / references [2] | |
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,[update] Advance was ranked as the 221st largest privately held company in the United States, according to Forbes.[8]
Subsidiaries
As of August 2021,[update] 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
Further reading
External links
Wikiwand in your browser!
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
