Condé Nast has agreed to sell the assets of its Fairchild Fashion Media division to Penske Media Corporation, the companies announced Tuesday. Penske — parent company of entertainment industry trades such as Variety and Deadline Hollywood — will take on media brands Women’s Wear Daily, Footwear News, Beauty Inc and M as well as the Fairchild Summits events business. Condé Nast will retain Fairchild assets Style.com and NowManifest.
Financial terms of the deal were not released.
In a company-wide email, Condé Nast CEO Charles Townsend wrote, “The changes we are making underscore the deep confidence we have in our core consumer business.”
The Fairchild properties target fashion-industry insiders, and have not played a major role in Condé Nast’s recent expansion into digital-video content. In July, Condé Nast launched TheScene.com, a multi-channel video portal devoted to channels for the company’s consumer brands, such as Vogue and The New Yorker, as well as several non-Condé partners — including Variety. The site, announced in April at the Digital Content NewFronts, does not feature channels for any of the Fairchild brands.
Condé Nast’s digital video network launched in 2013 under Condé Nast Entertainment president and former CW chief Dawn Ostroff.
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio,” Penske chairman and CEO Jay Penske said in a post on Variety.com.
Under the deal with Penske, FFM president and CEO Gina Sanders will remain with Condé Nast in a position to be determined.