Today, Condé Nast announced its plans to sell the U.S.-based trade publishing assets of Fairchild Fashion Media (FFM) to Penske Media Corporation (PMC). The transaction includes business-to-business brands Women’s Wear Daily, Footwear News, Beauty Inc, M and the Fairchild Summits. Consumer brands Style.com and NowManifest will remain at Condé Nast. The deal is expected to close in September 2014 and financial terms and details were not disclosed. Gina Sanders, FFM president and CEO since January 2010, will be remaining at Advance Publications in a new role to be announced shortly. Employees of the acquired Fairchild assets will move to PMC with the sale.**
“Today’s announcement reflects our strategy of investing resources in our core consumer brands,” said Condé Nast CEO, Charles Townsend. “Condé Nast has enjoyed unprecedented growth in our core consumer print, digital, mobile, events, video, television and film development businesses. This sale underscores our commitment to accelerating growth in these areas. 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.”
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio,” added Jay Penske, PMC Chairman & CEO. “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.”
** Additionally, PMC is also considering the transfer of certain international assets of FFM, and has agreed to employ certain employees abroad who support the FFM brands, subject to local law requirements.