Deseret Management Corporation
 | |
| Company type | Private |
|---|---|
| Industry | Asset management company |
| Founded | 1966 |
| Founder | The Church of Jesus Christ of Latter-day Saints |
| Headquarters | , |
Key people | Keith B. McMullin (CEO/President) |
| Divisions | Deseret Digital Media Deseret Media Companies KSL Broadcast Division |
| Subsidiaries | Beneficial Financial Group Bonneville International Corp. Deseret News Deseret Book Hawaii Reserves Temple Square Hospitality |
| Website | Deseret Management Corporation |
The Deseret Management Corporation (DMC) (/dɛz.əˈrɛt./ [1]) is a management and holding company of for-profit businesses owned by The Church of Jesus Christ of Latter-day Saints (LDS Church). It was established in 1966[2] by church president David O. McKay[3] to hold already-existing church assets.[4]
Subsidiaries
The following are DMC subsidiaries:
- Beneficial Financial Group: insurance, investment, and retirement services.
- Bonneville International Corporation: owns radio stations nationwide, Bonneville Communications, Bonneville Interactive, and Bonneville Satellite Company.
- Deseret Book: LDS publisher and bookstores chain.
- Deseret Mutual: Provides medical, dental, life, and disability insurance, retirement and savings benefits to Deseret Management Corporation employees, and health insurance to LDS Missionaries and General Authorities.[5]
- Deseret News Publishing Company: Publishes Utah's second-largest daily newspaper, the Deseret News, along with Mormon Times, Church News and El Observador.
- Hawaii Reserves: manages commercial and residential properties in Lā'ie, Hawai'i.
- Temple Square Hospitality: operates downtown Salt Lake City properties such as the Lion House and the Joseph Smith Memorial Building.
- Utah Property Management Associates: Real estate company which manages apartments and commercial property, particularly in downtown Salt Lake City.
Divisions
- Deseret Digital Media: Operates the Web sites of other DMC media companies, including deseretnews.com, ksl.com and deseretbook.com.
- Deseret Media Companies: Helps operate Deseret Management's media focused subsidiaries.
- KSL Broadcast Division: Operates KSL-TV & KSL Newsradio in Salt Lake City, Utah, for the Bonneville International Corporation.
Leadership
In April 2012, Keith B. McMullin was named to replace Mark Willes as CEO.
Relation to LDS Church
Deseret Management Corporation is the holding company which owns the tax-paying companies that fall under the umbrella of the LDS Church. DMC's Board of Directors is made up of the church's First Presidency, three rotating members of the Quorum of the Twelve, and the Presiding Bishopric.
See also
References
- ^ LDS.org: "Book of Mormon Pronunciation Guide" (retrieved 2012-02-25), IPA-ified from «dĕz-a-rĕt´»
- ^ "About Us". Deseret Management Corporation official web site. Retrieved 2009-09-13.
- ^ "Presidents of the Church". The Church of Jesus Christ of Latter-day Saints official website. Retrieved 2009-10-25.
- ^ "Deseret Management hires former LA Times publisher". Salt Lake Tribune. 2009-02-04. Retrieved 2009-02-11.
- ^ Deseret Mutual Benefit Administrator. "Deseret Mutual Participating Employers". Deseret Mutual website. Retrieved 5 January 2011.