Hearst Communications, Inc.

What does Hearst own?
Hearst owns more than 25 US magazine brands including Cosmopolitan, Esquire, Harper's Bazaar, Good Housekeeping, Car and Driver, and Popular Mechanics; 35 local television stations in 26 US markets; a 50% stake in A+E Networks (A&E, History, Lifetime); the Fitch Group credit ratings business; and several regional newspapers including the San Francisco Chronicle and Houston Chronicle.

Is Hearst publicly traded?
No. Hearst Communications, Inc. is privately held through a trust structure established by founder William Randolph Hearst. The company has never been publicly traded as a standalone entity and does not publish audited financial statements.

Who founded Hearst?
William Randolph Hearst took control of the San Francisco Examiner in 1887 at age 23, beginning the media empire that became Hearst Communications. He built his empire over the following decades through newspaper acquisitions, magazine purchases, radio stations, and film production.

Where is Hearst headquartered?
Hearst Communications is headquartered in the Hearst Tower in New York City. The tower is a 46-story glass skyscraper completed in 2006, built atop the original 1928 Hearst Magazine Building in midtown Manhattan.

Does Hearst own ESPN?
Hearst does not directly own ESPN. Through its 50% stake in A+E Networks, which is jointly owned with The Walt Disney Company, Hearst has an indirect relationship with Disney's media assets. ESPN is owned entirely by Disney and is separate from the A+E Networks joint venture.

How large is Hearst?
Industry estimates place Hearst's annual revenue at approximately $12 to $15 billion across all business segments, though Hearst does not publish audited financials. The company employs approximately 20,000 people globally across its media, information, and television operations.

William Randolph Hearst began his media career in 1887 when he took control of the San Francisco Examiner, a newspaper his father George Hearst had acquired to support his political career. The younger Hearst was 23 years old.

Hearst modeled his editorial approach on Joseph Pulitzer's New York World, investing heavily in staff, design, and sensational popular coverage. In 1895, he purchased the New York Morning Journal and launched a direct circulation war with Pulitzer. The competition between the two publishers produced what historians call yellow journalism, sensationalized coverage designed to sell newspapers rather than inform readers. Critics have argued that Hearst's newspapers contributed to public support for the Spanish-American War of 1898 through inflammatory coverage of events in Cuba.

Magazine publishing entered the Hearst portfolio with the acquisition of Cosmopolitan in 1905 for $400,000. Cosmopolitan had been founded in 1886 as a general interest family magazine. Hearst expanded the title and made it a prominent popular publication of the early 20th century. The magazine was reinvented as a women's sexuality and lifestyle title by editor Helen Gurley Brown starting in 1965, a transformation that made it one of the best-selling women's magazines in the world.

Harper's Bazaar, founded in 1867 as the oldest American fashion magazine, was acquired by Hearst in 1913. Good Housekeeping had been acquired in 1911. Esquire was launched in 1933 in partnership with founding editor Arnold Gingrich.

At its peak in the mid-20th century, the Hearst Corporation operated 28 newspapers, 18 magazines, a film company, two wire services, and 11 radio stations. Personal extravagance, including the construction of Hearst Castle in San Simeon, California, and acquisition of European art and antiques at enormous cost, strained the company's finances. During World War II, Hearst was forced to sell properties and cede financial control to a management committee. He died in 1951.

The company passed to a trust controlled by Hearst's five sons and subsequently to professional management. Richard Deems, Frank Bennack, and Cathleen Black served as successive presidents and CEOs in the latter 20th century. Frank Bennack led the company for an extended period from 1979 to 2002 and from 2008 to 2012, overseeing significant portfolio rationalization and the shift toward television and digital assets. Steve Swartz has served as CEO since 2012.

In the 1990s and 2000s, Hearst exited most of its newspaper properties, retaining only the San Francisco Chronicle, Houston Chronicle, and a small number of other regional papers. The company invested in cable television through the A+E Networks joint venture with Disney, which proved highly valuable as cable affiliate fees grew during the 2000s and 2010s.

The Hearst Corporation's most significant historical controversy relates to its founder's editorial practices. William Randolph Hearst's use of sensationalized journalism to drive circulation, and the alleged role of his newspapers in stoking public support for the Spanish-American War, remain subjects of historical debate. Hearst himself was the subject of Orson Welles's 1941 film Citizen Kane, widely considered one of the greatest films ever made, which depicted a fictionalized version of his life with unflattering characterization.

The modern Hearst Corporation has faced scrutiny primarily related to labor relations at its newspaper properties and the competitive practices of its business information segment. The company has settled labor disputes at the San Francisco Chronicle and Houston Chronicle related to restructuring and workforce reductions.