Condé Nast is divesting Women’s Wear Daily and other titles under the Fairchild Fashion Media umbrella to American media and publishing entrepreneur Jay Penske.
Penske Media Corporation (PMC), the parent company for Variety magazine, is on the brink of signing a deal for less than $100m (£80m) for FFM and its events business, the Financial Times reports. Condé Nast is understood to be keeping consumer brands Style.com and NowManifest.
Condé Nast chief executive Charles Townsend said the decision to sell FFM was in keeping with the publisher’s focus on investing in its core consumer brands, which range from Architectural Digest and the New Yorker to Vogue and Vanity Fair.
Condé Nast bought FFM from Walt Disney for $650m (£521m) 15 years ago.
PMC is credited with engineering a turnround at Variety over the past two years, attracting new advertisers and increasing readership.