Advance Publications, Inc.
TypePrivate
IndustryMass media
Founded1922; 100 years ago (1922)
FounderSamuel Irving Newhouse Sr.
HeadquartersOne World Trade Center, ,
United States
Number of locations
102
Area served
Worldwide
Key people
Steven Newhouse
(Chairman)
Oren Klein
(CFO)
Donald Newhouse
(President)
ProductsNewspapers, News & Information Websites, Magazines, Television
RevenueDecrease US$2.4 billion (2016)
OwnerNewhouse family
Number of employees
12,000
SubsidiariesAdvance Local
American City Business Journals
Condé Nast
Websitewww.advance.com Edit this at Wikidata
Footnotes / references
[1]

Advance Publications, Inc., branded 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

In addition to holding publishing and communication assets, from 2010-2022 onwards, Advance served as the holding company for the family's 31% stake in former cable entertainment company Discovery, Inc.,[8] Now known as Warner Bros. Discovery.[9] Advance also owns a 13% stake (as of 2016) in Charter Communications, which it received when Bright House Networks merged with Charter.[10][11]

As of August 2021, the group owns Condé Nast (which includes the magazines Vogue, The New Yorker and Wired[12]), 1010data, Turnitin, The Ironman Group, Advance Local, ACBJ, Stage Entertainment, Leaders Group and Pop (Made in Seattle), and is a major shareholder in Reddit, in addition to the aforementioned stakes in Charter and Warner Bros Discovery.[13][12]

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. ^ Flamm, Matthew (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business. Retrieved 22 June 2012.
  9. ^ Maas, Jennifer (April 8, 2022). "Discovery Closes Acquisition of AT&T's WarnerMedia". Variety. Penske Media Corporation. Retrieved April 8, 2022. Discovery completed its $43 billion acquisition of WarnerMedia from AT&T on Friday to form new company Warner Bros. Discovery.
  10. ^ "Newhouse Broadcasting reports 13 pct stake in Charter Communications". Reuters.com. 2016-05-27. Retrieved 2016-06-25.
  11. ^ 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.
  12. ^ a b Greenberg, Julia (2015-07-28). "For the Record: The Relationship Between WIRED and Reddit". Wired. ISSN 1059-1028. Retrieved 2019-01-29.
  13. ^ "Advance". Advance.com. 20 July 2020. Retrieved 18 August 2021.

Further reading