Condé Nast sells WWD to Penske Media

Condé Nast sells WWD to Penske Media

Women's Wear Daily gets a new boss

After claims by The New York Times, it has now been confirmed that Condé Nast has sold its U.S-based asset WWD

In the early hours of this morning, the fashion news website owned by Fairchild Fashion Media was sold to Penske Media Corporation, the company behind Variety, Hollywood Life and other titles.

This new deal will affect WWD, Beauty Inc., Footwear News, Fairchild Summits, and M Magazine, while and NowManifest will remain a part of Condé Nast.

Discussing the new venture, Jay Penske, chairman and ceo of Los Angeles-based PMC, stated, "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."

WWD did not disclose further details of the sale, but a source at The New York Times stated that PMC paid "around $100 million" for the new acquisitions.   

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