Photo: BFA NYC.Another shake-up hits the world of fashion publishing. Today, The New York Times reported that Condé Nast was planning to sell the U.S.-based assets owned by Fairchild Fashion Media to Penske Media Corporation, the company behind Variety, Hollywood Life, and other titles.
WWD quickly confirmed the news, which was provided to NYT by an anonymous tipster. The deal will affect WWD, Beauty Inc., Footwear News, Fairchild Summits, and M Magazine. Style.com and NowManifest will remain a part of Condé Nast.
WWD did not disclose further details of the sale, but NYT's source stated that PMC paid "around $100 million" for the properties, news which comes just a week after Condé announced the sale of Lucky Magazine to the newly formed Lucky Group.
Employees of the acquired brands will move to PMC when the deal closes in September 2014. PMC's chairman and CEO Jay Penske released a statement saying, "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." (WWD)