Saturday, May 18, 2024

Conde Nast Selling Womens Wear Daily, Fairchild to Penske Media

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There’s a new media mogul in town. Jay Penske is buying Women’s Wear Daily, aka WWD, and Fairchild Publications from Conde Nast. The price is said to be $100 million. Penske already owns Variety and a group of websites that includes Deadline.com. Now the 35 year old becomes an overnight media mogul as he adds more prestigious titles to his holdings at Penske Media.

Conde Nast will hold on to W Magazine, which was a spin off from WWD. Conde had bought Fairchild from Disney in 1999 for $650 million. But Conde has its own problems as all print mags struggle with advertising and relevance.The web has significantly destroyed print. Unloading Fairchild’s trade publications is a smart idea for them. And Penske has really developed as an online presence. Adding WWD makes sense as Penske makesĀ  inroads into the fashion world is a natural step.

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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