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#94 Si Newhouse $13.0B

Random fact: Served in the Air Force for two years starting in 1950.

Overview

Newhouse is chairman of Advance Publications, a closely held media company he controls with his brother. The New York-based business has newspapers in more than two dozen American cities, interests in cable systems and programming and, through Conde Nast, publishes magazines that include Vanity Fair and the New Yorker.

As of July 27, 2017:
Last change +$67.9M (+0.5%)
YTD change +$727M (+5.9%)
Industry Media & Telecom
Biggest asset CHTR US Equity
Citizenship United States
Age 89
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Si Newhouse's net worth of $13.0B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Newhouse's fortune is derived from the $10.4 billion sale of cable operator Bright House Networks to Charter Communications in May 2016. Newhouse and his younger brother Donald share their corporate assets equally and received through this sale 31 million Class B common units in Charter Communications, more than $2 billion in convertible preferred shares, and $2 billion in cash.

The pair co-own stakes in Discovery Communication, a publicly traded television and digital media company. They collectively hold the equivalent of 71 million units of Class A common stock and about 124 million units of Class C common stock through the Advance/Newhouse Programming Partnership, according to a March 30, 2016 proxy statement.

They also co-own closely held media business Advance Publications, which does not release financial information. Revenue is derived using information reported by Privco, a research group that specializes in private company data, trade magazine Advertising Age, and financial analysts.

Revenue for magazine unit Conde Nast is calculated to be about $1.6 billion for 2016. It's derived using the company's print revenue as reported by Privco, comments Conde Nast CEO Bob Sauerberg has made to the media about prior-years revenue and the performance of peer companies Time, Meredith, Axel Springer and Fairfax Media. It's valued using the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of two peers: Meredith and Time.

Revenue for newspaper unit Advance Publications is calculated to be $1.2 billion in 2016 based on 2011 revenue reported by Advertising Age -- the last year it conducted a survey of the top 100 media companies -- and revenue for peers Gannet, New York Times, EW Scripps and McClatchy.

Biography

Birthdate: 11/8/1927
Family: Married, No children

Father Sam bought an ailing newspaper in Staten Island in 1922. He turned it around and built the Advance newspaper chain into one of the largest in the U.S. Oldest son Si attended a private boys school in the Bronx, working summers at his father's newspapers. He enrolled at Syracuse University in 1945 where he wrote for the school paper, the Daily Orange. He dropped out after two years.

After a brief stint in the Air Force, Newhouse went to work for his father. While newspapers provided steady work, he found his true calling in magazines after his father purchased Conde Nast Publications in 1959. He made his first mark at Vogue, where he served as publisher, and then as chairman of the entire magazine unit.

After his father's death in 1979, Newhouse and his younger brother Donald took charge of the family business. Si focused on magazines; Donald ran the newspaper group. Over the years, Newhouse built a reputation as a ruthless manager, albeit one with a keen sense for the public's taste. He hired high-profile editors and lavished them with perks and rich pay packages, only to dismiss them in equally high-profile manners.

He revived Vanity Fair in the early 1980s, bringing in celebrity editors Tina Brown and Graydon Carter, who transformed the glossy into one of the most talked about magazines in the world.

The Newhouses have been enduring the downturn in the print publishing business since 2008. The company has closed half a dozen magazines, including old stalwarts such as Gourmet and House & Garden, and has made big cuts on the newspaper side, including reducing the frequency of an award-winning daily broadsheet, the New Orleans Times-Picayune.

A collector of modern and contemporary art, Newhouse lives in Manhattan with his wife, Victoria.

Milestones
  • 1927 Samuel Irving Newhouse Jr. is born.
  • 1959 Father Samuel I. Newhouse Sr. buys Conde Nast Publications.
  • 1973 Marries second wife, Victoria de Ramel.
  • 1975 Becomes chairman of Conde Nast.
  • 1979 Father dies at age 84; Si takes reins of the company.
  • 1983 Begins publishing Vanity Fair, which had been shuttered since 1936.
  • 1985 Buys the New Yorker; appoints Tina Brown editor seven years later.
  • 1994 Promotes controversial New Yorker editor Steve Florio to CEO.
  • 1998 Buys technology magazine, Wired, for $25 million.
  • 2009 Closes Portfolio Magazine after costs ballooned.