A newly formed holding company, Future Media Group, acquired W from Condé Nast, the companies said today. Formed by Surface Media, the new company will include brands Surface, Watch Journal and W and will posture itself as a portfolio of luxury brands.
This is the third title Condé Nast has sold in the past month. In May, the publisher said it was selling Golf Digest to Discovery Inc. and Brides to Dotdash. Exact financial details for this sale were not disclosed, but Condé will continue to oversee ad sales and operations for digital and video in the transition. The editorial staff will temporarily stay at One World Trade Center.
The new group will continue publishing eight issues of W per year and expanding the brand’s digital and experiential reach. Future Media Group will have offices in Paris, Milan and New York and will soon also have an outpost in L.A.
“We look forward to honoring and building on that legacy. We know that W will serve as a perfect complement to the publications already in our portfolio,” Marc Lotenberg, CEO of Future Media Group, said in a statement.
Sara Moonves—whose father is former CBS CEO Les Moonves—was named the magazine’s first female editor in chief since the brand was created more than 45 years ago as a spinoff of Women’s Wear Daily. She has previously worked at Vogue and joined the W team as style director in 2017.
The magazine’s current editor in chief, Stefano Tonchi, is leaving Condé Nast and the brand after nine years at the helm.
“W is W because of our amazing contributors, and I look forward to continuing to work with them in my new role. It is an honor to be able to guide this brand into its promising future,” Moonves said in a statement.
Condé Nast purchased W in 1999 from The Walt Disney Company and has grown its reach to include more than 500,000 paid subscribers of the magazine.