The new Hearst building under construction on Eighth Avenue

May 1, 2005 – New York City’s media and entertainment companies are making big investments in the Big Apple, with a number of new headquarters on the rise. The $500 million new Hearst Tower designed by Norman Foster is currently under construction on Eighth Avenue and West 58th street. When completed, the 42 story tower will house 1,800 Hearst employees. The facility is down the block from the recently-unveiled AOL Time Warner Center at Columbus Circle, a $1.8 billion facility which houses 9,000 employees in addition to the commercial center.

Down the street on Eighth Avenue, the New York Times is investing in a facility designed by Renzo Piano which will become the third tallest building in Manhattan until the Freedom Tower is constructed. And on the West Side Highway at 18th street in Chelsea, Frank Gehry has designed the new headquarters of IAC/Interactive Corp, the parent company of internet businesses including Citysearch, Evite, Expedia, Hotels.com, and Ticketmaster.

Over on the east side, Bloomberg LP recently relocated to 731 Lexington, a skyscraper designed by Cesar Pelli which also includes a commercial center.

“New York City is the global capital of media, and the multiple companies currently investing in the City is evidence of the vitality of this industry,” Katherine Oliver, Commissioner of the Mayor’s Office of Film, Theatre and Broadcasting said.

New York City is home to six national broadcast networks, 78 cable networks, two of the top five US cable distributors and four major film studios. The seven largest media conglomerates all have headquarters or major offices in the City.