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.
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:
“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.”
[Image via: condenast.com]
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