Advance Publications

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Advance Publications, Inc.
TypePrivate
IndustryMass media
Founded1922; 102 years ago (1922)
FounderSamuel Irving Newhouse Sr.
HeadquartersOne World Trade Center
New York City,
U.S.
Number of locations
102
Area served
Worldwide
Key people
ProductsNewspapers, news & information websites, magazines, television
RevenueDecrease US$2.4 billion (2016)
OwnerNewhouse family
Number of employees
12,000
Subsidiaries
Footnotes / references
[1]

Advance Publications, Inc., doing business 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 is a major shareholder in 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

For most of its history, Advance did not have an official headquarters; most publications listed the Advance offices in Staten Island's Grasmere neighborhood as its nominal headquarters.[2] More recently, it has claimed offices at One World Trade Center in Manhattan as its corporate headquarters.[6]

As of November 2019, it was ranked as the 221st largest privately held company in the United States, according to Forbes.[7]

Subsidiaries

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[8]), 1010data, Turnitin, The Ironman Group, Advance Local, ACBJ, Stage Entertainment, Leaders Group and Seattle-based digital agency Pop, Inc., and is a major shareholder in Reddit.[9][8]

The company holds a 8.16% ownership in media conglomorate Warner Bros. Discovery,[10] carried over from its 31% stake in predecessor Discovery, Inc.[11] Advance also owns a 13% stake (as of 2016) in Charter Communications, which it received when Bright House Networks merged with Charter.[12][13]

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.com. Retrieved 2019-08-30.
  5. ^ "Advance completes acquisition of The IRONMAN Group". Advance.com. 20 July 2020. Retrieved 18 August 2021.
  6. ^ "Advance Publications, Inc". Dnb.com. Retrieved 14 February 2022.
  7. ^ "America's Largest Private Companies," Forbes.com. Accessed May 05, 2020.
  8. ^ a b Greenberg, Julia (2015-07-28). "For the Record: The Relationship Between WIRED and Reddit". Wired. ISSN 1059-1028. Retrieved 2019-01-29.
  9. ^ "Advance". Advance.com. 20 July 2020. Retrieved 18 August 2021.
  10. ^ "Warner Bros. Discovery - Annual Reports & Proxies". ir.wbd.com.
  11. ^ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business. Retrieved 22 June 2012.
  12. ^ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters.com. 2016-05-27. Retrieved 2016-06-25.
  13. ^ 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.

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

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