by Kenneth Richard | The Impressionist
On the wake of strategic moves with Lucky magazine, Condé Nast is selling WWD and Fairchild Fashion Media to Penske Media Corp. in a deal that includes WWD, Footwear News, M Magazine and the Fairchild Summits. The deal is expected to close next month according to WWD’s news release from their site.
FFM president and chief executive officer, Gina Sanders, will remain at Condé Nast in a new role yet to be disclosed. Style.com and NowManifest will remain with Condé Nast.
Condé Nast CEO Charles Townsend said, “Today’s announcement reflects our strategy of investing resources in our core consumer brands. Condé Nast has enjoyed unprecedented growth in our core consumer print, digital, mobile, video, television and film development businesses; this sale underscores our commitment to accelerating growth in these areas.”
The sale is a quick follow up to Condé Nast recent spin off of Lucky magazine who merged with online retailer BeachMint Inc. to form an e-commerce entity called The Lucky Group.
While financial details of the Penske deal were not disclosed, according to the New York Times‘ Ravi Somaiya, who first reported news of the sale, Penske will pay about $100 million in the deal. Walt Disney’s 1999 sale of Fairchild (including W magazine & a now defunct Jane Magazine) to Advance Publications, owners of Conde Nast, was widely reported to have been for $650 million.
Penske Media Corp., headquartered in Los Angeles, currently operates a portfolio of brands including Variety magazine, Variety.com, Deadline.com, CricketCountry.com, HollywoodLife, ENTV, India.com, TVLine, BGR, AwardsLine, Movieline, PMC Studios, LA411, NY411 and Variety Latino, a joint venture with Univision.