Advance Publications

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Advance Publications, Inc.
Private
Industry Mass media
Founded 1922; 97 years ago (1922)
Founder Samuel Irving Newhouse Sr.
Headquarters Grasmere, Staten Island, ,
Number of locations
102
Area served
Worldwide
Key people
Steven Newhouse
(Chairman)
Thomas Summer
(CFO)
Donald Newhouse
(President)
Products Newspapers, News & Information Websites, Magazines, Television
Revenue Decrease US$2.4 billion (2016)
Owner Newhouse family
Number of employees
12,000
Subsidiaries Advance Local
American City Business Journals
Condé Nast
Website www.advance.com
Footnotes / references
[1]

Advance Publications, Inc. is an American media company owned by the descendants of S.I. Newhouse Sr., Donald Newhouse and S.I. Newhouse Jr. It 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] 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 October 2014, it was ranked as the 44th largest privately held company in the United States, according to Forbes.[3] Crain's ranked Advance Publications the 4th largest private company in the New York area in 2012.

In addition to holding publishing and communication assets, Advance serves as the holding company for the family's 31% stake in cable entertainment company Discovery Inc.[4] Advance also owns a 13% stake in Charter Communications, which it received when Bright House Networks merged with Charter.[5][6] In August 2018, Advance/Newhouse ("A/N") notified Charter Communications that it intends to establish a credit facility collateralized by a portion of Advance/Newhouse Common Units in Charter Communications Holdings, LLC.[7] 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.[8]

Directly and through various subsidiaries, the group owns Discovery Channel, Condé Nast, the popular digital news website Wired, Lycos, Angelfire, Tripod and is the majority shareholder in Reddit.[9]

See also

References

  1. ^ "Advance Publications," Forbes.com. Accessed 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. ^ "America's Largest Private Companies," Forbes.com. Accessed February 26, 2015.
  4. ^ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business. Retrieved 22 June 2012.
  5. ^ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters. 2016-05-27. Retrieved 2016-06-25.
  6. ^ 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.
  7. ^ "Charter Prices $500 Million Senior Secured Notes - NASDAQ.com". NASDAQ.com. Retrieved 2018-08-25.
  8. ^ 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.
  9. ^ Greenberg, Julia (2015-07-28). "For the Record: The Relationship Between WIRED and Reddit". Wired. ISSN 1059-1028. Retrieved 2019-01-29.

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

  • Official website
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