NEW YORK, August 20, 2014: Penske Media Corporation (PMC) announced yesterday that it has entered into an agreement with Condé Nast to acquire the U.S.-based trade publishing assets of Fairchild Fashion Media. The transaction includes business-to-business brands Women’s Wear Daily, Footwear News, Beauty Inc, M and the Fairchild Summits.
Los Angeles-based PMC is a leading digital media, publishing, and information services company whose brands include Variety Magazine, Variety.com, PMC Studios, and Deadline.com, among others. The deal is expected to close in September 2014 and financial terms and details were not disclosed.
A team of Morgan Lewis attorneys advised PMC on the transaction, led by Business and Finance Practice partner Robert Dickey and associates James Fang and JiWon Park. Also assisting on the transaction were Employee Benefits and Executive Compensation Practice partner Gary Rothstein, Tax Practice partner Richard Zarin, and Intellectual Property Practice partner Ron Dreben and associate Joseph Washington.