Samuel Newhouse Net Worth, Biography and Career

Samuel Newhouse Net Worth $13 Billion

Samuel Newhouse was an American entrepreneur who led the Conde Nast company as the chairman of its board of directors and its chief executive officer.

Born on November 8, 1927, in New York City, New York, the United States, this entrepreneur earned the bulk of his estimated net worth as the co-owner and controller of the publishing giant Advance Publication alongside his brother Donald Newhouse.

The publication company was established by their father, Samuel Newhouse Sr., who handed the company to his two sons before his passing in the year 1979. The elder Newhouse was a first-generation American entrepreneur who turned the Bayonne Times into the biggest privately-held newspaper chain in the United States.

Samuel Newhouse worked tirelessly along with his brother Donald and helped build up their family’s company, which as of today, includes Bright House Cable and investment in Discovery Communications, the operator of satellite and cable television networks such as TLC and Discovery Channel.

While Samuel was the head of a magazine division of the company, Conde Nast, Donald was in charge of overseeing the newspaper business. The Conde Nast portfolio includes titles such as Wired, Vogue, and The New Yorker.

Despite facing tough times for decades, the magazine industry started to gain in increased ad sales, especially with fashion magazines.

Also known as S.I. or Si, Samuel owned an extensive modern art collection. Among the world’s most valuable paintings that he owns include a Jackson Pollock drip painting entitled No. 5, 1948. His passion for art and his expensive collection made him eligible to be listed as one of the world’s top 200 art collectors by Art News.

Early Life: Childhood, Education

Samuel Irving Newhouse Jr. was born in the United States on November 8, 1927, into the family of Samuel Irving Newhouse Sr. and his wife Mitzi. His father was the founder and owner of Advance Publications until his passing.

He attended the Horace Mann School in New York City before proceeding to Syracuse University for his tertiary studies. However, Sam dropped out of college and began working at his father’s newspaper company.

Professional Life: Business Career

After quitting his education at Syracuse University, Samuel Newhouse moved to Paris in France to work for the International News Service for some time. He then spent two years serving in the United States Air Force before moving to Harrisburg, Pennsylvania to manage two of his father’s daily newspapers.

In 1964, Sam became publisher of the United States edition of Vogue magazine and in 1975, he was made the chairperson of Condé Nast. Ten years on, he purchased the New Yorker and controlled all the companies and organizations single-handedly until his passing on October 1, 2017, at the age of 89.

Prior to his death, Sam Newhouse had an estimated wealth of over 13 billion dollars, and he was listed by Forbes magazine as the 46th richest American in 2014.

Personal Life: Family, Private Interests, Charity

Mr. Newhouse was Jewish. He had three children during his marriage to Jane Franke which lasted from 1951 to 1959. Their names are Samuel I. Newhouse III, Wynn Newhouse (deceased), and Pamela Newhouse Mensch. Sam’s parents were deeply disappointed by the divorce. He married for a second time Victoria Carrington Benedict de Ramel.

The businessman was a known philanthropist who never failed to support organizations and individuals in need. His $15 million donation to Syracuse University in 1962 is still regarded as one of the largest in the history of the university.

He was also an avid art collector, who once owned one of the world’s most valuable paintings, a Jackson Pollock drip painting, estimated to be worth several millions of dollars.

Samuel Newhouse Net Worth: Salary, Income Sources, Assets

Samuel “Si” Newhouse lived as a successful American businessman who left a fortune of $13 billion behind when he died. He was formerly the chairman and chief executive officer of Advance Publications which is the umbrella company holding Conde Nast Publications.

Conde Nast publishes magazines and periodicals such as Vanity Fair, Vogue, and The New Yorker, and newspapers like The Oregonian, The Star-Ledger, and The Plain Dealer.

Mr. Si Newhouse made part of his huge wealth when Charter Communications was sold to Bright House Networks in May 2016, and the deal presented $2 billion in convertible preferred shares, $2 billion in cash, and 31 million Class B common units of Charter to Samuel and his brother Donald.

The Newhouse brothers also held 71 million Class A common shares and 141 Class C common shares of Discovery Communication. They were the co-owners of Advance Publications which includes the 1.5 billion dollars-revenue magazines, Conde Nast. Forbes magazine listed the late Newhouse as the 46th richest person in the United States in 2014.