Business Wire

Last updated
Business Wire
Subsidiary
Founded 1961;57 years ago (1961)
Founder Lorry I. Lokey
Headquarters 101 California Street, San Francisco, California , United States
Number of locations
29 (2018) [1]
Key people
Parent Berkshire Hathaway
Subsidiaries
  • Tradeshownews.com
Website www.businesswire.com

Business Wire is a company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences. [3] [4] As of April 2017, the company publishes between 500 and 1,000 releases per day. [5] It is a subsidiary of Berkshire Hathaway.

A press release, news release, media release, press statement or video release is a written or recorded communication directed at members of the news media for the purpose of announcing something ostensibly newsworthy. Typically, they are mailed, faxed, or e-mailed to assignment editors and journalists at newspapers, magazines, radio stations, online media, television stations or television networks.

News media elements of the mass media that focus on delivering news

The news media or news industry are forms of mass media that focus on delivering news to the general public or a target public. These include print media, broadcast news, and more recently the Internet.

A subsidiary, subsidiary company or daughter company is a company that is owned or controlled by another company, which is called the parent company, parent, or holding company. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a government or state-owned enterprise. In some cases, particularly in the music and book publishing industries, subsidiaries are referred to as imprints.

Contents

History

Business Wire was founded in 1961 [6] by Lorry I. Lokey. It started by sending releases to 16 media outlets in California. [7] Business Wire launched its website in May 1995. In 2000, Business Wire was the first commercial newswire to end the practice of distributing news to financial outlets 15-minutes before anyone else, to provide immediate, equal access to company information as noted by Reg FD. [8]

Lorry I. Lokey is an American businessperson and philanthropist. A native of Portland, Oregon, he founded the company Business Wire in 1961 and has donated in excess of $700 million to charities, with the majority of the money given to schools. He resides in San Francisco, California.

Business Wire's first wholly owned European operation launched in 2001, with the opening of an office in London. [9] On June 1, 2005, Business Wire entered the German Ad-Hoc market with a disclosure network for companies with primary or secondary listings on the Deutsche Boerse. The service was established in compliance with BaFin, Germany's national securities regulator. On September 15, 2005, Business Wire established Regulatory Disclosure networks in France, Sweden, Switzerland and Luxembourg. The move came in anticipation of the anticipated implementation of the EU's Transparency Obligations Directive (TOD). On January 1, 2007, Autorité des marchés financiers, the French Financial Markets Regulator, approved Business Wire to operate as a Regulatory Disclosure Service in France.

Autorité des marchés financiers (France) stock market regulator in France

The Autorité des marchés financiers (AMF) is the stock market regulator in France. The AMF is an independent public body that is responsible for safeguarding investments in financial instruments and in all other savings and investment as well as maintaining orderly financial markets.

On January 10, 2005, Business Wire established an Asian hub with the opening of its Tokyo, Japan bureau, and later that year added Japanese, making the site available in seven languages. On January 17, 2006, Berkshire Hathaway announced that it was purchasing Business Wire for an undisclosed amount. This acquisition was completed on March 1, 2006. [10]

Tokyo Metropolis in Kantō

Tokyo, officially Tokyo Metropolis, one of the 47 prefectures of Japan, has served as the Japanese capital since 1869. As of 2014, the Greater Tokyo Area ranked as the most populous metropolitan area in the world. The urban area houses the seat of the Emperor of Japan, of the Japanese government and of the National Diet. Tokyo forms part of the Kantō region on the southeastern side of Japan's main island, Honshu, and includes the Izu Islands and Ogasawara Islands. Tokyo was formerly named Edo when Shōgun Tokugawa Ieyasu made the city his headquarters in 1603. It became the capital after Emperor Meiji moved his seat to the city from Kyoto in 1868; at that time Edo was renamed Tokyo. Tokyo Metropolis formed in 1943 from the merger of the former Tokyo Prefecture and the city of Tokyo. Tokyo is often referred to as a city but is officially known and governed as a "metropolitan prefecture", which differs from and combines elements of a city and a prefecture, a characteristic unique to Tokyo.

Japan Constitutional monarchy in East Asia

Japan is an island country in East Asia. Located in the Pacific Ocean, it lies off the eastern coast of the Asian continent and stretches from the Sea of Okhotsk in the north to the East China Sea and the Philippine Sea in the south.

Japanese is an East Asian language spoken by about 128 million people, primarily in Japan, where it is the national language. It is a member of the Japonic language family, and its relation to other languages, such as Korean, is debated. Japanese has been grouped with language families such as Ainu, Austroasiatic, and the now-discredited Altaic, but none of these proposals has gained widespread acceptance.

In 2008, Business Wire partnered with ImpreMedia to launch LatinoWire, a news distribution service that distributes brand content to Hispanic websites, media outlets, journalists and bloggers. [11] In 2011, Business Wire received a patent for the technological process of optimizing and distributing press releases to maximize their ability to be found and tracked in leading search engines. [12]

ImpreMedia, LLC is a media company headquartered on the 18th Floor of 1 MetroTech Center in Downtown Brooklyn, New York City.

On September 23, 2013, Business Wire announces exclusive distribution partnership with VentureBeat [13] On November 3, 2013, Business Wire opened its 32nd office in Hong Kong. [14]

VentureBeat American technology news and analysis website based in San Francisco

VentureBeat is an American technology website headquartered in San Francisco, California, United States. It publishes news, analysis, long-form features, interviews, and videos.

Hong Kong East Asian city

Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China and commonly abbreviated as HK, is a special administrative region on the eastern side of the Pearl River estuary in southern China. With over 7.4 million people of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the world's fourth most densely populated region.

In January 2014, Business Wire launched a new news and content distribution enhancement service. [15]

In April 2017, its Chief Executive Officer and President Cathy Baron Tamraz retired and was replaced by long time CFO Geff Scott. [16]

See also

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References

  1. "About Us". www.businesswire.com.
  2. "Executive Committee - Business Wire Newsroom". newsroom.businesswire.com.
  3. Horgan, Richard (June 13, 2013). "Business Wire Pegs Press Release Costs Increase at 50%". Adweek . Retrieved January 7, 2017.
  4. Conner, Cheryl (August 28, 2013). "Press Releases Still Matter, But Not For The Reasons You Think". Forbes . Retrieved January 7, 2017.
  5. Mayer, Brittney (25 April 2017). "Business Wire: 50+ Years Helping Companies Keep Consumers & Investors Up-to-Date Through Its Leading Global Press Release Network". CardRates.com. Retrieved 11 January 2018.
  6. "Company Overview of Business Wire, Inc". Bloomberg Business. Retrieved September 15, 2015.
  7. "Biography of Lorry I. Lokey, founder of Business Wire". Stanford Medicine News Service. February 27, 2007. Retrieved February 13, 2018.
  8. McGuire, Craig (September 25, 2000). "15 minutes are up at Business Wire". PR Week . Retrieved January 7, 2017.
  9. Williams, Holly; Londner, Robin (February 23, 2001). "Business Wire to launch own Euro office in London". PR Week . Retrieved January 7, 2017.
  10. "Berkshire Hathaway Completes Acquisition of Business Wire". Business Wire. March 1, 2006. Retrieved January 7, 2017.
  11. "Business Wire Launches 'LatinoWire' In Venture With ImpreMedia". Editor & Publisher . July 9, 2008. Retrieved January 7, 2017.
  12. Sullivan, Danny (September 29, 2011). "Warren Buffet's Business Wire Awarded Patent for Press Release SEO". Search Engine Land . Retrieved January 7, 2017.
  13. "Business Wire Comes on as New Partner". VentureBeat. September 23, 2013. Retrieved January 7, 2017.
  14. "PSA: Business Wire Announces Opening of Hong Kong Full-Service Office". Bulldog Reporter. November 4, 2013. Retrieved January 7, 2017.
  15. Bradley, Diana (January 14, 2014). "PSA: Business Wire Launches Interactive News Services". PRWeek . Retrieved January 7, 2017.
  16. "Correction to Buffett's Lieutenants Article". Fox Business. May 8, 2017. Retrieved October 2, 2017.