According to Vogue UK, CONDÉ NAST is selling Fairchild Fashion Media, which owns Women’s Wear Daily, to LA-based Penske Media (PMC). The sale also includes Fairchild brands Footwear News, M Magazine and the Fairchild Summits. Style.com and NowManifest are the only two branches under Fairchild that will remain under the control of Condé Nast.
“As an organization that recognizes the value of highly informative and original content, as well as the contributions that world-class editors, journalists and producers bring to their diverse audiences and consumers, we at PMC view the Fairchild brands and its team as true leaders in their respective industries,” Jay Penske, chairman and CEO of PMC, said. “This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio.
Condé Nast CEO Charles Townsend told WWD of the sale:
“This decision comes after a thorough review of options that would position both Condé Nast and FFM for the most attractive, long-term growth opportunities. With this sale, Fairchild joins a company with solid trade publishing roots and Condé Nast redoubles our efforts on broadening our reach and impact with premium audiences and advertisers.”
Featured image via facebook/womensweardaily
