Donald Newhouse is 92 years old, and he is one of the richest men in the country.
His net worth exceeds $18.1 billion, making him the sixth richest man in New York City and the 40th richest man in the United States. Most of Newhouse's wealth is derived from U.S. media assets he controlled with his late brother Si Newhouse.
Who is Donald Newhouse?
Donald Newhouse is a billionaire heir and business owner who inherited the publishing and broadcasting empire Advance Publications from his father, Samuel Irving Newhouse Sr.
Advance Publications is a company founded in 1922. The company owns multiple properties, such as Condé Nast Publications (Vogue, Vanity Fair, and The New Yorker) and dozens of newspapers across the U.S.
The company also has significant stakes in Discovery Communications and the social news site Reddit.
Newhouse Sr. bought an ailing newspaper and turned around.
Samuel Irving Newhouse Sr. started his media empire by purchasing an ailing newspaper, the daily Staten Island Advance, in 1922. Newhouse Sr. quickly noticed that the paper was not earning enough money from advertisements. So, he solicited new advertisers who could pay more money.
He later turned the ailing newspaper and built the Advance newspaper chain into one of the largest in the United States.
Donald dropped out of college to focus on business.
Donald Newhouse dropped out of Syracuse University to focus on helping his father run the business. After his father passed away in 1979, Donald Newhouse and his older late brother, Si, took control of the family business.
The brothers' extreme focus and brilliant business strategies revived many of their brands, such as Vanity Fair. However, the print publishing landscape has changed in the last 15 years, and the company had to close some of its most recognized magazines, such as House & Garden. The company also sold W Magazine, Brides, and Golf Digest in 2019.
The brothers also sold Bright House Networks to Charter for $10.4 billion. Bright House is the sixth-largest cable operator in the United States and has over 2 million video customers in Florida, Alabama, Indiana, Michigan, and California.
His brother, Si Newhouse, who ran Conde Nast for years, died in 2017.
In 2021, Conde Nast's revenue was $1.8 billion, and the Advance Publications' revenue was $1.9 billion.
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