Hearst Communications, Inc. 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 49 weekly newspapers, including the Houston Chronicle and Albany Times Union ; as well as interests in an additional 43 daily and 72 non-daily newspapers owned by MediaNews Group, which include the Denver Post and Salt Lake Tribune ; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine ; 28 television stations through Hearst Television Inc. which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, 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.
History
In December 2003, Marvel Entertainment acquired Cover Concepts from Hearst Communications, Inc.
On August 27, 2009, A&E Television Networks acquired Lifetime Entertainment Services.
Assets
Main article: List of assets owned by Hearst CorporationA non-exhaustive list of its properties and investments includes:
Magazines
- Cosmopolitan
- Country Living
- Esquire
- Good Housekeeping
- Harper's Bazaar
- House Beautiful
- Marie Claire
- O, The Oprah Magazine
- Popular Mechanics
- Redbook
- Seventeen
- SmartMoney (with Dow Jones)
- Town & Country
- Veranda
- Nat Mags
Newspapers
- Beaumont Enterprise (Beaumont, Texas)
- Connecticut Post (Bridgeport, Connecticut)
- Edwardsville Intelligencer (Edwardsvile, Illinois)
- Greenwich Time (Greenwich, Connecticut)
- Houston Chronicle (Houston, Texas)
- Huron Daily Tribune (Bad Axe, Michigan)
- Laredo Morning Times (Laredo, Texas)
- Midland Daily News (Midland, Michigan)
- Midland Reporter-Telegram (Midland, Texas)
- The News-Times (Danbury, Connecticut)
- Plainview Daily Herald (Plainview, Texas)
- San Antonio Express-News (San Antonio, Texas)
- San Francisco Chronicle (San Francisco, California)
- seattlepi.com, formerly the Seattle Post-Intelligencer (Seattle, Washington)
- Times Union (Albany, New York)
- The Advocate (Stamford) (Stamford, Connecticut)
- Interests in an additional 43 daily and 72 non-daily newspapers owned by MediaNews Group, which include The Denver Post and Salt Lake Tribune MediaNews 10-Q
Weekly Newspapers
- 210SA (TX)
- Advertiser North (NY)
- Advertiser South (NY)
- Ballston Journal (NY)
- Ballston Spa Pennysaver (NY)
- Beaumont Journal (TX)
- Bulverde Community News (TX)
- Business Express (TX)
- Cancha (TX)
- Canyon News (TX)
- Clifton Park North Pennysaver (NY)
- Clifton Park South Pennysaver (NY)
- Conexion (TX)
- Darien News-Review (CT)
- Fairfield Citizen-News (CT)
- Fort Sam News Leader (TX)
- Fronteras (TX)
- Glens Falls Moneysavers (NY)
- Greenwich Citizen (CT)
- Hardin County News (TX)
- Hill Country View (TX)
- Jasper NewsBoy (TX)
- Kelly USA Observer (TX)
- La Vibra (TX)
- La Voz (TX)
- Lackland Talespinner (TX)
- Latham Pennysaver (NY)
- Marlette Leader (MI)
- Medical Patriot (TX)
- Mid County Chronicle (TX)
- Muleshoe Journal (TX)
- Neighborhood News (TX)
- New Canaan news-Review (CT)
- New Milford Spectrum (CT)
- North Central News (TX)
- North San Antonio Times (TX)
- Northwest Weekly (TX)
- Norwalk Citizen-News (CT)
- Orange County News (TX)
- Pennysaver News (NY)
- Queensbury Moneysaver (NY)
- Randolph Wingspread (TX)
- Southside Reporter (TX)
- Spa City Moneysaver (NY)
- The Herald (TX)
- The Weekly (NY)
- Vassar Pioneer Times (MI)
- West Texas Country Trader (TX)
- Wesport News (CT)
Television and Cable (investments)
- A&E Television Networks and Lifetime Entertainment Services (A shared joint venture with The Walt Disney Company and NBC Universal; the two companies merged in August 2009)
- ESPN (owns 20%; shared with Disney, which owns the other 80%)
- Hearst Television Inc. (owner of 26 local television stations; also manages three local television and two local radio stations)
Internet
- 1UP.com
- GameTab.com
- GameVideos.com
- MyCheats.com
- UGO
- 40% of Kaango, LLC MediaNews 10-Q
- Answerology
- Kaboodle
- eCrush
- RealAge
- seattlepi.com (Seattle Post-Intelligencer)
- Delish.com
- RealBeauty.com
Other
- King Features Syndicate
- CDS Global
- First Data Bank
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 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. 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, 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,
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