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Hearst Communications

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Hearst Corporation
Company typePrivate
FoundedSan Francisco, CA, U.S. (March 4, 1887 (1887-03-04))
FounderWilliam Randolph Hearst
Headquarters
New York, NY
,
U.S.
Key people
George Randolph Hearst, Jr. (Chairman)
Frank A. Bennack, Jr.
(Vice Chairman and CEO)
Revenue11,500,000,000 United States dollar Edit this on Wikidata
DivisionsHearst Television
Hearst Magazines
Hearst Interactive Media
Hearst Business Media
Hearst Entertainment & Syndication
Hearst Newspapers
WebsiteHearst Corporation
Hearst Tower, in September 2006

Hearst Corporation is a privately-held American-based media conglomerate based in the Hearst Tower in New York City, USA. Founded by William Randolph Hearst as an owner of newspapers, the company's holdings now include a wide variety of media. The Hearst family is involved in the ownership and management of the company.

Hearst is one of the largest diversified communications companies in the world. Its major interests include 15 daily and 38 weekly newspapers, including the Houston Chronicle and Albany Times Union; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst Television Inc. which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including A&E Television Networks, and ESPN; as well as business publishing, Internet businesses, television production, newspaper features distribution and real estate.

Trustees of William Randolph Hearst's Will

Under William Randolph Hearst's will, a common board of 13 trustees (its composition fixed at five family members and eight outsiders) administers the Hearst Foundation, the William Randolph Hearst Foundation, and the trust that owns (and selects the 18-member board of) the Hearst Corporation. The foundations shared ownership until tax law changed to prevent this. As of 2009, the trustees are:

  • Frank A. Bennack Jr., vice chairman and chief executive of the corporation
  • Anissa Bouadjakdji Balson, granddaughter of David Whitmire Hearst Sr.
  • John G. Conomikes, vice president of corporation, oversees broadcast interests
  • Ronald J. Doerfler, chief financial officer, senior vice president and a board member of Hearst Corporation
  • George Randolph Hearst Jr., chairman of Hearst Corporation and president of the Hearst Foundation
  • John Randolph Hearst Jr., an officer and director of the corporation
  • Virginia Hearst Randt, daughter of late former chairman Randolph Apperson Hearst
  • William Randolph Hearst III, president of the William Randolph Hearst Foundation
  • Harvey L. Lipton, lawyer and former vice president and secretary of the Corporation
  • Gilbert C. Maurer, former head of Hearst Magazines, then executive vice president and chief operating officer under Bennack, now a consultant
  • Mark F. Miller, former executive vice president of Hearst Magazines
  • David J. Barrett, president and chief executive officer of Hearst Television, Inc.
  • James M. Asher, chief legal and development officer of Hearst

The trust dissolves when all family members alive at the time of Hearst's death in August 1951 have died. Actuarial tables have put this date at 2042 or 2043.[1]

History

In December 2003, Marvel Entertainment acquired Cover Concepts from Hearst Communications, Inc.[2]

On August 27, 2009, A&E Television Networks acquired Lifetime Entertainment Services.[3][4]

Assets

Main article: List of assets owned by Hearst Corporation

A non-exhaustive list of its properties and investments includes:

Magazines

Newspapers

Weekly Newspapers

  • Advertiser North (NY)
  • Advertiser South (NY)
  • Ballston Spa Pennysaver (NY)
  • Bulverde Community News (TX)
  • Business Express (TX)
  • Canyon News (TX)
  • Clifton Park North Pennysaver (NY)
  • Clifton Park South Pennysaver (NY)
  • Conexión (TX)
  • Darien News-Review (CT)
  • Fairfield Citizen-News (CT)
  • Fort Sam Houston News Leader (TX)
  • Greenwich Citizen (CT)
  • Hardin County News (TX)
  • Jasper Newsboy (TX)
  • Kelly USA Observer (TX)
  • La Voz (TX)
  • Lackland Talespinner (TX)
  • Latham Pennysaver (NY)
  • Marlette Leader (MI)
  • Medical Patriot (TX)
  • Muleshoe Journal (TX)
  • Neighborhood News (TX)
  • New Canaan News-Review (CT)
  • New Milford Spectrum (CT)
  • North Central News (TX)
  • Northwest Weekly (TX)
  • Norwalk Citizen-News (CT)
  • Our People (TX)
  • Pennysaver News (NY)
  • Randolph Wingspread (TX)
  • Southside Reporter (TX)
  • Spa City Moneysaver (NY)
  • Northeast Herald (TX)
  • The Weekly (NY)
  • The Zapata Times (TX)
  • Vassar Pioneer Times (MI)
  • Westport News (CT)

Television and Cable (investments)

Internet

Other

Antitrust allegations

On July 14, 2006, San Francisco businessman and real estate investor Clint Reilly filed a lawsuit against Hearst Corp. (owner of the San Francisco Chronicle) and MediaNews Group (owner of the San Jose Mercury News, Contra Costa Times, Marin Independent Journal, Oakland Tribune and all other paid-circulation dailies in the Bay Area), alleging that the two companies have been conspiring to control advertising rates, a violation of antitrust laws.

In November 2006, Reilly's attorney presented to U.S. District Judge Susan Illston a letter from Hearst senior vice president James Asher to MediaNews President Jody Lodovic that said the two companies agreed to "offer national advertising and internet advertising sales for their San Francisco Bay area newspapers on a joint basis, and to consolidate the San Francisco Bay Area distribution networks of such newspapers ..." Illston, suggesting she had been misled by the companies when they said they had not been collaborating, issued a 14-page ruling[5] forbidding Hearst and MediaNews from working together on national advertising sales or distribution.

On December 21, 2006, the San Francisco Bay Guardian and nonprofit Media Alliance filed suit to make the details of Reilly's lawsuit—and MediaNews and the Chronicle's response—public.[6] As a result of the filing, many documents in the case were voluntarily disclosed by the defendants. The judge allowed redacted versions of two more documents to be released. She kept 17 others under seal. One of the documents unsealed was the deposition of Hearst's Asher, who says that as of September 2006, his company had recorded cumulative losses of $330 million on its investment in the Chronicle,[7] which it acquired in mid-2000. He said Hearst proposed selling the Chronicle to MediaNews, but MediaNews didn't offer enough money. Asher also said Hearst and MediaNews have discussed working together for years. Although the trial was scheduled to start Monday, April 30, 2007 in U.S. District Court in San Francisco,[8] the parties announced on April 25, 2007 that a settlement had been reached.[9]

References

  1. ^ David Nasaw, The Chief: The Life of William Randolph Hearst (Mariner Books, 2001).
  2. ^ "Marvel Acquires Cover Concepts to Extend Demographic Reach; Acquisition Extends Reach of Marvel's Publishing Operations to 30 Million Public School Children". BNet. Retrieved 2008-05-14.
  3. ^ A&E Acquires Lifetime, Variety.com, August 27, 2009
  4. ^ A&E Networks, Lifetime Merger Completed, Broadcasting & Cable, August 27, 2009
  5. ^ U.S. District Court [1] Order Re: Second Application for Temporary Restraining Order, November 28, 2006
  6. ^ Williamson, Kate. San Francisco Examiner "Weekly, nonprofit sue to open records," December 22, 2006
  7. ^ Said, Carolyn. San Francisco Chronicle, February 1, 2007. Hearst, MediaNews talks included possible sale of Chronicle"
  8. ^ San Francisco Examiner "MediaNews, Hearst trial set to proceed," February 9, 2007.
  9. ^ Egelko, Bob (2007-04-25). "Hearst, MediaNews Group settle Reilly suit". San Francisco Chronicle. Retrieved 2007-05-30.

See also

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