Condé Nast is selling its Fairchild Fashion Media group to Penske Media.
The deal is reportedly for around $100 million, according to the New York Times, and is expected to close in September.
FFM’s portfolio includes B2B titles Women’s Wear Daily, Footwear News, Beauty Inc. and the Fairchild Summits, though FFM’s two consumer-facing brands, Style.com and NowManifest, will stay with Condé Nast.
Gina Sanders, FFM’s president and CEO since 2010, is also remaining with Condé Nast parent company, Advance Publications, in an unannounced capacity. The rest of the staff will be moving to Penske.
The FFM sale is Condé Nast’s second major change to its fashion portfolio in the last week. The company recently announced it is spinning off its Lucky brand into a new joint venture in collaboration with e-commerce platform, Beachmint—a move Condé Nast President, Bob Sauerberg, told the Wall Street Journal was "the first in a series of initiatives we are undertaking as we re-engineer our organization."
The company’s CEO, Charles Townsend, echoes Sauerberg’s comments in his own statement on the FFM sale.
"Today’s announcement reflects our strategy of investing resources in our core consumer brands," he says.
For Penske, the purchase is their first major M&A move since buying Variety from Reed Elsevier in 2012 for $25 million.