NEW YORK, July 23, 2024 /PRNewswire/ -- Advance, a
private, family-held business that owns and invests in a broad
range of companies across media, entertainment, communications,
technology and education, announced today that Samuel Powers, Global Head of Technology, Media
& Telecom Investment Banking at Bank of America, will join the
company later this year as Chief Development Officer.
In his new role, Powers will assume leadership of Advance's
capital deployment program to expand in promising new growth areas
and strengthen the company's existing portfolio of businesses
through acquisitions, investments and partnerships. Since 2018,
Advance has deployed over $5 billion
of capital to expand its operating reach into new sectors,
including live entertainment, endurance sports and educational
technology to further its mission of fostering long-term growth and
innovation in promising sectors. Powers will become a member of
Advance's Executive Committee and report to Janine McGrath Shelffo, who was named Group
President and Chief Growth & Strategy Officer earlier this
year.
Powers comes to Advance with over 25 years of investment banking
experience, including six years at Bank of America where he joined
as Head of Americas Media & Telecom Investment Banking in 2018,
and 20 years at UBS where he held a number of leadership roles,
including Head of Technology, Media & Telecom for the Americas.
Powers has been involved in many of the largest TMT transactions of
the last two decades and advised Advance on its 2020 acquisition of
The IRONMAN Group and its 2016 sale of Bright House Networks to
Charter Communications.
"We are delighted to welcome Sam to the Advance leadership team.
We have benefitted from his wise counsel for many years and will
continue to do so as we seek opportunities to put our capital to
work and grow our portfolio of excellent companies," said
Steve Newhouse, Co-President of
Advance.
"Sam's breadth of insight and relationships across the sectors
in which we operate and his decades of experience navigating
complex transactions and advising management teams and their boards
will be tremendous assets to Advance in his new role," added
Shelffo.
Powers commented, "I have admired Advance, the Newhouse family
and their companies for many years during my advisory work with
them, and I am honored to join this leadership team to help grow
and evolve the Advance portfolio of businesses."
Media Contact
Advance Communications
advancecommunications@advance.com
About Advance
Advance is a private, family-held
business that owns and invests in companies across media,
entertainment, technology, communications, education and other
promising growth sectors. Our mission is to build the value of our
companies over the long-term by fostering growth and innovation.
Advance's portfolio includes Condé Nast, Advance Local, Stage
Entertainment, The IRONMAN Group, American City Business Journals,
Leaders Group, Turnitin and Pop. Together these operating companies
employ more than 14,000 people in 29 countries. Advance is also
among the largest shareholders in Charter Communications, Reddit
and Warner Bros. Discovery. For more information visit
www.advance.com.
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SOURCE Advance