Condé Nast wouldn’t comment. But according to New York Times media reporter Ravi Somaiya, Jay Penske is about to add an impressive group of media properties to his PMC empire.
From Somaiya’s report:
Condé Nast plans to sell Fairchild Fashion Media, the group behind trade publications like Women’s Wear Daily and Footwear News, to Penske Media for around $100 million, according to a person familiar who has been briefed on the deal.
Fairchild’s employees will go with the new company, the person, who spoke on condition of anonymity to reveal an as-yet unannounced deal, said.
Also in the mix would be
website style.com and men’s quarterly M. Earlier this year, Jim Windolf joined that publication as editor.
Update (6:00 p.m.):
WWD has posted a confirmation of the sale. The deal is expected to close in September. Condé Nast will retain ownership of style.com and NowManifest; FFM president-CEO Gina Sanders will remain at Condé Nast in a TBA role with Advance Publications:
[Image via: condenast.com]
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio,” said Penske. “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.”