Condé Nast has sold Fairchild Fashion Media to Penske Media Corporation (PMC), according to a report in Women’s Wear Daily late this afternoon. The terms of the deal, which is expected to close next month, were not disclosed.
The Fairchild Fashion Media division of Condé Nast includes Women’s Wear Daily, WWDMen’s , Footwear News and M magazine. The deal does not include Style.com. Fairchild president and CEO Gina Sanders is staying at Condé Nast and its parent company Advance Publications in an as yet unannounced role.
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio,” said PMC chairman and CEO Jay Penske in a statement quoted by WWD and Variety. “WWD and the other Fairchild properties are brands the entire PMC organization deeply respects, with an editorial heritage I have revered throughout my career. We look forward to welcoming this exceptional editorial team and profoundly talented organization to PMC.”
Condé Nast CEO Charles Townsend added, “Condé Nast has enjoyed unprecedented growth in our core consumer print, digital, mobile, events, video, television and film development businesses; this sale underscores our commitment to accelerating growth in these areas. Gina and her team have done a remarkable job leading FFM and its brands, and I commend them for shaping these businesses into valuable assets which are primed to flourish under Jay’s leadership with the PMC team.”
Los Angeles-based PMC is best known as the publisher of Variety. It also operates events like the Young Hollywood Awards and The Style Awards.