SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--To commemorate its 50th Anniversary, Business Wire announced today an ambitious global "give-back" program whereby its employees will be encouraged to volunteer in their local communities on company time. The company set a goal of 5,000 hours of community service for its 500 employees celebrating its 50 years of service to the communications industry under the banner "Business Wire Gives Back 2011."
Giving back to the community is consistent with the traditions of Lorry I. Lokey, now retired, who founded Business Wire in San Francisco on October 2, 1961, as well as Warren Buffett, Chairman of Berkshire Hathaway, who bought the company on March 1, 2006.
"We're excited to continue our rich--and enriching--tradition of giving back and encourage everyone on our team to participate in this volunteer program," said Cathy Baron Tamraz, Business Wire's Chief Executive Officer. "It truly is a win-win for all."
Tamraz noted that Warren Buffett is a founder of The Giving Pledge along with Microsoft’s Bill Gates. Founded in 2010, The Giving Pledge encourages wealthy individuals worldwide to give the majority of their fortunes back to society. Tamraz also pointed out that for more than 10 years, Business Wire has offered employees a matching funds benefit, whereby the company matches charitable gifts to nonprofit organizations, making employees' individual contributions even more profound. The charitable match benefit has resulted in hundreds of thousands of extra dollars in the past decade being channeled to worthy nonprofit organizations chosen by Business Wire employees.
The Business Wire Gives Back 2011 initiative continues these generous traditions by allowing up to 12 hours of paid time off for each of Business Wire's 500+ employees. Those hours will be used doing good deeds for recognized charities of the individuals' choosing.
"One of my favorite mottos is: learn, earn and return," Tamraz wrote in a company-wide email rallying staff to volunteer. "At BW, we're walking that talk....Let's all make it a success and get involved."
Privately held for 45 years, Business Wire began with seven clients and a network of 16 Bay Area media outlets. Today, the Company hosts 32 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 into 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.
At the mid-century mark, Business Wire is proud of its history of pioneering achievements. Notable benchmarks include:
-First commercial news wire website (1995)
-First multimedia news release (1997)
-Introduction of "NX," (2003), a web-based platform that has been awarded multiple patents for its simultaneous, real-time news delivery capabilities.
-In 2010, Business Wire continued its enterprising tradition by introducing InvestorHQ and NewsHQ, online newsroom platforms that emphasize content self-management, audience engagement, and sophisticated measurement analytics.
With strong client interest in its XBRL and investor relations services, a focus on advanced measurement, multimedia and mobile initiatives, and growing demand for its offerings worldwide, Business Wire is poised to make the next 50 years as innovative as its first 50.
About Business Wire
Business Wire, a Berkshire Hathaway company, celebrates its 50th anniversary in 2011 as the global leader in press release distribution and regulatory disclosure. Public relations and investor relations professionals rely on Business Wire for both broad-based and targeted market reach. A recognized disclosure service in the United States, Canada and a dozen European countries, Business Wire handles XBRL tagging, document formatting and regulatory filing into EDGAR, SEDAR and other systems. Business Wire provides online newsroom hosting and integration services as well as search engine optimization, mobile distribution and detailed measurement on every press release. Its patented NX delivery platform provides simultaneous full-text posting of Business Wire content to news systems and websites in virtually any country or language.
With 32 bureaus worldwide, Business Wire’s service hallmark is defined by local service coupled with global reach, a combination unique in its industry. Learn more at BusinessWire.com and the BusinessWired blog; follow updates on Twitter: @businesswire or on Facebook.