We have some very exciting news to share! HollywoodLife.com’s parent company, Penske Media Corporation (PMC), announced on Aug. 19 that it has acquired a true fashion bible — Women’s Wear Daily!
It’s a big day here at HollywoodLife! Penske Media Corporation has announced the acquisition of Condé Nast’s Fairchild Fashion Media, which includes the exciting brands Women’s Wear Daily, Footwear News, Beauty Inc, M, and the Fairchild Summits!
Penske Media Buys WWD: HollywoodLife’s Parent Company PMC’s New Purchase
Jay Penske, the chairman and CEO of Penske Media Corporation, released a statement about the company’s new ownership of the US-based trade publishing assets of Fairchild Fashion Media, which had been owned by Condé Nast. He says:
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio. 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.”
The deal is set to be completed in September, according to our sister site, Variety, which is also owned by PMC.
Condé Nast CEO Charles Townsend also released a statement, which reads:
Today’s announcement reflects our strategy of investing resources in our core consumer brands. 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.
Gina Sanders, who is the Fairchild Fashion Media president and current CEO, will remain at Condé Nast’s parent company, Advance Publications, according to a press release. Her new position will be “announced shortly.” She said the following about the acquisition: “It has been an exhilarating and deeply rewarding experience leading the fantastic teams at Fairchild to drive this business forward. We have found a great steward in PMC and I’m excited about their collective future success together.”
Style.com and NowManifest will remain at Condé Nast, according to the release, and employees of the Fairchild Fashion Media assets acquired by PMC will move to PMC with the official sale.
We can’t wait to welcome Women’s Wear Daily, Footwear News, Beauty Inc, M, and the Fairchild Summits into the PMC family!
– Megan Ross