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.”
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.
