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Advance Publications

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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
RevenueDecreaseUS$2.4 billion (2016)
OwnerNewhouse family
Number of employees
12,000
Subsidiaries
Websitewww.advanceEdit this at Wikidata
Footnotes / references
[2]

Advance Publications, Inc.is aprivately heldAmerican media company owned by the families ofDonald NewhouseandSamuel Irving Newhouse Jr.,the sons of company founderSamuel Irving Newhouse Sr.It owns publishing-relating companies includingAmerican City Business Journals,MLive Media Group,andCondé Nast,and is a major shareholder inCharter Communications(13% ownership),Reddit(42 million shares), andWarner Bros. Discovery(8% ownership).

History

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The company is named after theStaten 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 inCharter CommunicationsHoldings, 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 theIronman TriathlonsandAbsa Cape Epicmountain bike race, from theWanda Sports Group.[6]

Description

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For most of its history, Advance had no official headquarters; most publications listed theAdvanceoffices in Staten Island'sGrasmereneighborhood 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 the2007–2008 financial crisis.[7]

As of November 2019,Advance was ranked as the 221st largestprivately held companyin the United States, according toForbes.[8]

Subsidiaries

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Main article:List of Advance subsidiaries

As of August 2021,the group ownsCondé Nast,which includes the magazinesVogue,The New Yorker,andWired,[9]Turnitin,The Ironman Group, Advance Local,American City Business Journals,Stage Entertainment,Leaders Group, and theSeattle-based digital agency Pop, Inc., and is a large shareholder inReddit.[10][9]

The company holds an 8.16% ownership in media conglomerateWarner Bros. Discovery,[11]carried over from its 31% stake in predecessorDiscovery, Inc.[12]Advance also owns a 13% stake (as of 2016) inCharter Communications,which it received whenBright House Networksmerged 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.RetrievedJune 16,2023.
  2. ^"Advance Publications".Forbes.RetrievedFebruary 26,2015.
  3. ^abFlamm, Matthew (November 21, 2010)."Advance Publications at crossroads".Crain's New York Business.RetrievedSeptember 24,2012.
  4. ^"Charter Prices $500 Million Senior Secured Notes — NASDAQ".Nasdaq.RetrievedAugust 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.RetrievedAugust 30,2019.
  6. ^"Advance completes acquisition of The Ironman Group".Advance.July 20, 2020.RetrievedAugust 18,2021.
  7. ^Siegel, Fern (July 30, 2008)."Newhouse News Service Shutters After 47 Years".MediaDailyNews.Media Post.Archivedfrom the original on April 11, 2022.RetrievedAugust 3,2023.
  8. ^"America's Largest Private Companies",Forbes. Accessed May 5, 2020.
  9. ^abGreenberg, Julia (July 28, 2015)."For the Record: The Relationship Between WIRED and Reddit".Wired.ISSN1059-1028.RetrievedJanuary 29,2019.
  10. ^"Advance".Advance.July 20, 2020.RetrievedAugust 18,2021.
  11. ^"Warner Bros. Discovery – Annual Reports & Proxies".ir.wbd.
  12. ^Flamm, Matthew (December 13, 2010)."Advance Publications waving around $500M".Crain's New York Business.RetrievedJune 22,2012.
  13. ^"Newhouse Broadcasting reports 13 pct stake in Charter Communications".Reuters.May 27, 2016.RetrievedJune 25,2016.
  14. ^Steel, Emily (May 26, 2015)."Broadband at the Center of Charter-Time Warner Cable Deal".The New York Times.ISSN0362-4331.RetrievedMay 26,2015.

Further reading

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  • Lindauer, Wilson B."Advance Publications Inc.".International Directory of Company Histories.RetrievedMay 28,2018– via Encyclopedia.
  • 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.ISBN978-0-312-11481-7.
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