Business Wire rings in 50th birthday
New York, October 1, 2011
Business Wire, a leader in multiplatform press release distribution, is gearing up to celebrate its 50th anniversary on Sunday with events and celebrations continuing throughout the month in its 31 offices worldwide.
Business Wire CEO Cathy Baron Tamraz on Friday pushed the button on the opening bell at the NYSE, ringing in the next half-century of a multigenerational, multiplatform story successful enough to convince Warren Buffett to buy the company in 2006.
The bell ringing ceremony caps months of 50th birthday activities, notably a companywide Business Wire Gives Back volunteering initiative that allowed employees up to 12 hours of paid time off to volunteer for worthy causes on company time, said a company statement.
Buffett, chairman of Berkshire Hathaway, which now owns the Business Wire, stood by Tamraz’s side as executives, staff, Wall Street insiders and Business Wire clients looked on.
'You have to offer real value to attract Buffett, but that's Business Wire,' said Tamraz.
'We definitely feel 50 years young: experienced enough to know what we're doing in a very competitive marketplace, but young enough to embrace new ideas and technologies, find our place in the digital world, and help our clients grow bigger and stronger, too,' she remarked.
In addition, the mayors of more than a dozen cities from New York to Los Angeles have honored the company with proclamations.
New York’s Mayor Michael Bloomberg said, “I am proud to say New York’s future looks brighter than ever thanks to its status as a leader in the financial news industry. That is why we are honored to join Business Wire in celebrating its 50th Anniversary.”
The media and investment communities have relied on Business Wire as a trusted provider of vetted company news for decades, said a statement from Business Wire.
Public companies with disclosure requirements depend on its secure, simultaneous network to help keep them in compliance, while marketers, public relations and other communicators use the Company’s services for general awareness raising, visibility and lead generation, the statement added.
Privately held for 45 years, Business Wire was founded by Lorry Lokey and began with seven clients and a network of 16 San Francisco Bay area media outlets. Current CEO, Cathy Baron Tamraz, took the helm in 2006.
Today, the company hosts 31 offices worldwide, a client roster of tens of thousands, and the largest media and investor relations network in the industry.
The acquisition of Business Wire by Berkshire Hathaway came about when Tamraz read an article in the Wall Street Journal that described the traits and management style of companies that fit Buffett's value-driven, no-nonsense portfolio.
Following Buffett protocols, Tamraz wrote Buffett a letter, faxed it, and a deal was struck within two weeks.-TradeArabia News Service