SAN FRANCISCO & NEW YORK--(EON: Enhanced Online News)--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."
“It truly is a win-win for all.”
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.
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Business Wire, a Berkshire Hathaway company celebrating its 50th anniversary in 2011, is utilized by thousands of member companies and organizations to transmit their full-text news releases, regulatory filings, photos and other multimedia content to journalists, news media, trade publications, institutional and individual investors, financial information services, regulatory authorities, Internet portals, information websites, business-to-business decision-makers and consumers worldwide.