The acquisition also includes Footwear News
Penske Media Corporation has acquired Conde Nast's Fairchild Fashion Media. The sale includes Fairchild's Women's Wear Daily, Footwear News, Beauty Inc, M and the Fairchild Summits.
Fairchild employees will join the new company, with the exception of Gina Sanders, FFM president and chief executive officer, who has been with FFM since January 2010. She will remain at Conde Nast parent company Advance Publications in a new role to be disclosed shortly.
Fairchild brands Style.com and NowManifest will remain with Conde Nast.
“Today's announcement reflects our strategy of investing resources in our core consumer brands. Conde Nast has enjoyed unprecedented growth in our core consumer print, digital, mobile, video, television and film development businesses; this sale underscores our commitment to accelerating growth in these areas,” Conde Nast CEO Charles Townsend said in a statement. “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.”
The deal is expected to close by September 2014 and financial terms and details were not disclosed.
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio,” added Jay Penske, chairman and CEO of Penske Media. “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.”
Penske Media Corp.'s holdings include Variety, Deadline, Hollywood Life, Movieline and PMC Studios.