Advance Publications

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.

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. 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.

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.

Description

For most of its history, Advance had no official headquarters; most publications listed the Advance offices in Staten Island's Grasmere neighborhood as its nominal headquarters.

While it did not have a corporate headquarters, Advance operated a press bureau in Washington, D.C.—the Newhouse News Service (NNS). Opened in 1961, NNS served as a national news bureau for all Advance portfolio publications until it closed in late 2008 as a cost-cutting measure due to the 2008 financial crisis.

Advance was ranked as the 221st largest privately held company in the United States, according to Forbes.

Subsidiaries

Main article: List of Advance subsidiaries

the group owns Condé Nast (which includes the magazines Vogue, The New Yorker, and *Wired)*, The Ironman Group, Turnitin, Advance Local, American City Business Journals, Stage Entertainment, Leaders Group, and the Seattle-based digital agency Pop, Inc., and is a large shareholder in Reddit.

The company holds an 3.97% ownership in media conglomerate Warner Bros. Discovery, carried over from its 31% stake in predecessor Discovery, Inc. Advance also owns a 13% stake (as of 2016) in Charter Communications, which it received when Bright House Networks merged with Charter.

References

References

1. (6 March 2019). "Advance Publications to Buy Plagiarism-Scanning Company Turnitin for Nearly $1.75 Billion". Wall Street Journal.
2. (1 June 2023). "Reddit will charge hefty fees to the many third-party apps that access its data".
3. "Advance Publications".
4. (August 9, 2018). "Charter Prices $500 Million Senior Secured Notes". [[PR Newswire]].
5. Jerde, Sara. (August 10, 2018). "Despite Ups and Downs This Year, Condé Nast's CEO Is Creating a Model That's 'Built to Last'".
6. (July 20, 2020). "Advance completes acquisition of The Ironman Group".
7. Flamm, Matthew. (November 21, 2010). "Advance Publications at crossroads". [[Crain Communications.
8. Siegel, Fern. (2008-07-30). "Newhouse News Service Shutters After 47 Years". Media Post.
9. [https://www.forbes.com/largest-private-companies/list/#page:1_sort:0_direction:asc_search:adva "America's Largest Private Companies"], Forbes.com. Accessed May 5, 2020.
10. (July 20, 2020). "Advance".
11. Greenberg, Julia. (July 28, 2015). "For the Record: The Relationship Between WIRED and Reddit".
12. "Warner Bros. Discovery – Annual Reports & Proxies".
13. Flamm, Matthew. (December 13, 2010). "Advance Publications waving around $500M". Crain's New York Business.
14. (May 27, 2016). "Newhouse Broadcasting reports 13 pct stake in Charter Communications". [[Reuters]].
15. Steel, Emily. (May 26, 2015). "Broadband at the Center of Charter-Time Warner Cable Deal". [[The New York Times]].