Conde Nast is unloading its Fairchild Fashion Media trade magazine group, which is spearhead by Women's Wear Daily, to Penske Media Corp. in $100M deal.
The New York-based publisher bought FFM from Walt Disney Co. for $650M in 1999.
CEO Chuck Townsend said the sale reflects his strategy of investing in its core consumer magazine 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, he said in a statement.
The Fairchild group includes Footwear News, Beauty Inc., M and events. Conde Nast keeps Style.com and NowManifest.
FFM CEO Gina Sanders will remain at Conde Nast and its parent Advance Publications in a not-yet-determined position.
Jay Penske hailed the acquisition as unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio.
Conde Nast publishes Vanity Fair, GQ, The New Yorker, Glamour, Vogue, Self, Wired, Bon Appetit, Architectural Digest and Lucky.
Penske owns Variety, Hollywood Life, Deadine.com, various digital properties and a joint venture in India with Zee TV.
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