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The Hearst Corporation is a large privately-held American -based Media Conglomerate based in the Hearst Tower in New York City , USA. Founded by William Randolph Hearst as an owner of Newspaper s, the company's holdings now include a wide variety of media. The Hearst family is involved in the ownership and management of the company.


Trustees of William Randolph Hearst's will (2003)

Under William Randolph Hearst's will, a common board of fourteen trustees--six family members and eight outsiders--administers the Hearst Foundation, the William Randolph Hearst Foundation, and the trust that owns (and selects the 21-member board of) the Hearst Corporation. The foundations shared ownership until tax law changed to prevent this. The present trustees are:
  • George Randolph Hearst Jr. , chairman of Hearst Corporation and president of the Hearst Foundation

  • Victor F. Ganzi , president and chief executive officer of the Corporation

  • Frank A. Bennack Jr., vice chairman and longtime former president and chief executive of the Corporation

  • William Randolph Hearst III , president of the William Randolph Hearst Foundation

  • John Randolph Hearst Jr., an officer and director of the corporation

  • Hamilton Benfield Hearst, a director of Hearst Holdings LLC and grandson of Hamilton Fish III , a member of Congress who represented the State of New York.

  • Virginia Hearst Randt, daughter of late former chairman Randolph Apperson Hearst

  • Anissa Bouadjakdji Balson, granddaughter of David Whitmire Hearst Sr.

  • Richard E. Deems, former head of Hearst Magazines, now a consultant

  • Gilbert C. Maurer, succeeded Deems as head of Hearst Magazines, then preceded Ganzi as executive vice president and chief operating officer under Bennack, now a consultant

  • Raymond J. Petersen, longtime executive vice president of Hearst Magazines, retains title but largely inactive. Member of the Advertising Hall of Fame.

  • Mark F. Miller, executive vice president of Hearst Magazines (retiring late 2005)

  • John G. Conomikes, vice president of Corporation, oversees broadcast interests

  • Harvey L. Lipton, lawyer and former vice president and Secretary of the Corporation


The trust dissolves when all family members alive at the time of Hearst's death in August 1951 have died. Actuarial tables have put this date at 2042 or 2043 .David Nasaw, ''The Chief: The Life of William Randolph Hearst'' (Mariner Books, 2001).


ASSETS

Main article: List Of Assets Owned By Hearst Corporation

A non-exhaustive list of its properties and investments includes:

Magazines

Newspapers

Television and Cable (investments)


ANTITRUST ALLEGATIONS


On July 14 , 2006 , San Francisco businessman and real estate investor Clint Reilly filed a lawsuit against Hearst Corp. (owner of the '' San Francisco Chronicle '') and MediaNews Group (owner of the '' San Jose Mercury News '', '' Contra Costa Times '', '' Marin Independent Journal '', '' Oakland Tribune '' and all other paid-circulation dailies in the Bay Area), alleging that the two companies have been conspiring to control advertising rates, a violation of antitrust laws.

In November 2006, Reilly's attorney presented to U.S. District Judge 2006 forbidding Hearst and MediaNews from working together on national advertising sales or distribution.

On 2007 ]. the parties announced on April 25 2007 that a settlement had been reached.1


CLASS ACTION LAWSUIT

A Class Action Lawsuit was filed against the Hearst Corporation for allegedly employing a scam to trick subscribers into paying money they do not owe. {Link without Title} {Link without Title} The suit claims that mailers have been sent from the company, stating that a resident has a "total amount due" for a magazine that the resident does not receive.


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