Business Wire founder Lorry Lokey dies at 95

Lokey was instrumental in transforming how organizations communicate with the media and investment community.

(Photo credit: News Direct)

NORWALK, CT: Business Wire founder Lorry Lokey died on October 1 at the age of 95.

Born on March 27, 1927, Lokey graduated from Stanford University in 1949. After his freshman year, Lokey was drafted into the U.S. Army during World War II. 

Following his graduation, Lokey worked for various publications and press agencies, as well as a corporate publicist. 

In October 1961, Lokey created Business Wire in a San Francisco office with only seven initial clients. He went on to sell the company to Warren Buffett’s Berkshire Hathaway in 2006 for a reported $500 million, according to a News Direct statement. 

Business Wire currently has 500 staffers across the world. 

News Direct issued a statement in response to Lokey’s death, claiming the company in many ways is a “direct descendant” of Business Wire, having been built by many of the latter’s executives.

“I worked under [Lokey] for more than 21 years, and there is no question that I drew inspiration for News Direct from the innovative, fearless and groundbreaking approach he took in building Business Wire,” former Business Wire president and News Direct CEO Gregg Castano said.

As well as his monumental business achievements, Lokey was renowned for his philanthropic contributions. In 2010, he signed the Giving Pledge, a campaign that encourages wealthy people to donate their wealth to philanthropic causes. 

According to News Direct, Lokey donated in excess of $700 million to charitable causes, with a strong focus on schools, universities and scientific research. 

Lokey is survived by his daughters, Ann Lokey, Basya Lokey, Miriam Khalsa and their families. 

Business professionals have taken to social media to remember Lokey. 

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