Advance Publications, Inc.
TypePrivate
IndustryMass media
Founded1922; 100 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
Websitewww.advance.com Edit this at Wikidata
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]

As of November 2019, it was ranked as the 221st largest privately held company in the United States, according to Forbes.[6]

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[7]), 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.[8][7]

The company holds an 8.16% ownership in media conglomerate Warner Bros. Discovery,[9] carried over from its 31% stake in predecessor Discovery, Inc.[10] Advance also owns a 13% stake (as of 2016) in Charter Communications, which it received when Bright House Networks merged with Charter.[11][12]

References

  1. ^ "Advance Publications". Forbes.com. Retrieved February 26, 2015.
  2. ^ a b Flamm, Matthew (November 21, 2010). "Advance Publications at crossroads". Crain's New York Business. Retrieved September 24, 2012.
  3. ^ "Charter Prices $500 Million Senior Secured Notes — NASDAQ.com". Nasdaq.com. Retrieved August 25, 2018.
  4. ^ 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.
  5. ^ "Advance completes acquisition of The Ironman Group". Advance.com. July 20, 2020. Retrieved August 18, 2021.
  6. ^ "America's Largest Private Companies," Forbes.com. Accessed May 5, 2020.
  7. ^ a b Greenberg, Julia (July 28, 2015). "For the Record: The Relationship Between WIRED and Reddit". Wired. ISSN 1059-1028. Retrieved January 29, 2019.
  8. ^ "Advance". Advance.com. July 20, 2020. Retrieved August 18, 2021.
  9. ^ "Warner Bros. Discovery - Annual Reports & Proxies". ir.wbd.com.
  10. ^ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business. Retrieved June 22, 2012.
  11. ^ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters.com. May 27, 2016. Retrieved June 25, 2016.
  12. ^ 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