Condé Nast is selling Fairchild Fashion Media, the group behind Women’s Wear Daily,Style.com, and Footwear News, to Penske Media for around $100 million, a person familiar with the deal told the New York Times today. As part of the deal, Condé Nast will keep Style.com and fashion blogger network NowManifest, and Fairchild Fashion Media president Gina Sanders will stay with Condé Nast in a new role. Penske released a statement on the matter, saying: “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. We look forward to welcoming this exceptional editorial team and profoundly talented organization.” Of the sale, Conde Nast CEO Charles Townsend said: "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, video, television and film development businesses; this sale underscores our commitment to accelerating growth in these areas"