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Just a week after spinning off Lucky magazine, Condé Nast is selling Fairchild Fashion Media, which includes fashion trade publications such as Women's Wear Daily, Footwear News, and more. The buyer is Penske Media, an LA-based publishing and digital media company which owns the likes of Variety, Deadline, and Hollywood Life. The New York Times and Wall Street Journal are reporting that the sale price for Fairchild Fashion Media was close to $100 million. In 1999, Condé Nast's parent company bought Fairchild Fashion Media from Walt Disney for $650 million.
As part of the deal, Condé Nast will keep Style.com and fashion blogger network NowManifest, and Fairchild Fashion Media president Gina Sanders will stay with Condé Nast in a new role. According to an anonymous source, the Times reported that WWD had been losing money. Chief Executive of Penske Media Jay Penske told the Wall Street Journal that he didn't plan to stop WWD's print publication. "At their core, these are strong brands that just need more investment," he said.
· Penske Media Buying WWD and Fairchild From Condé Nast [WWD]
· Condé Nast to Sell Fairchild Fashion Media for $100 Million [NYT]
· Penske Media to Buy Fairchild From Condé Nast for Nearly $100 Million [WSJ]
· Wow: Condé Nast Kicks Lucky Magazine Out [Racked]