Advance Publications, Inc.
Advance
TypePrivate
IndustryMass media
Founded1922; 101 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. is a privately-held American media company owned by Donald Newhouse and Samuel Irving Newhouse Jr., the sons of company founder Samuel Irving Newhouse Sr. It owns a large number of subsidiary companies, including American City Business Journals and Condé Nast and is a major shareholder in Charter Communications, Reddit and Warner Bros. Discovery.

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]

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.[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

External links

Advance Publications
Vogue magazines
Warner Bros. Discovery
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