Advance Publications has hired a Yahoo executive to pursue growth opportunities, a high-level appointment that suggests the parent of Condé Nast and Parade Publications could be taking a serious look at expanding digitally.
Andrew Siegel was named to the newly created position of svp, strategy and corporate development of Advance, effective Jan. 3. He’ll report to the family board of directors that runs the company.
Siegel comes from a digital and deal-making background, having been vp, corporate development at Yahoo since 2009 and before that, working in M&A and business development at General Electric.
“Andrew brings great experience in strategy and business development,” said Steve Newhouse, chair of Advance.net, Advance’s digital arm, in an announcement. “He will help us take advantage of attractive growth opportunities in the media space.”
Advance, which is said to have never had a formal M&A person before, has been relatively quiet on the deal-making front. Condé Nast, Advance’s magazine arm, has made some small acquisitions in the past few years, including Wired.com and tech blog Ars Technica in 2008, both said to be in the $25 million range.
Meanwhile, competitors like Meredith and Hearst have been active buying digital and marketing firms, and Time Inc., under the leadership of ex-Meredith exec Jack Griffin, is expected to follow suit. And with midsize publishing companies like Hachette Filipacchi Media and Rodale rumored to be seeking offers, it seems like a good time for Advance to jump into the M&A space.