- Robyn Turk
-
|
Conde Nast has finally found a buyer for W Magazine. The newly
formed Future Media Group acquired the fashion title for an
undisclosed amount. The amount is rumored to be between 7 and 8
million USD.
While Future Media Group will continue to publish eight print
issues of W annually, it has already made changes in personnel. W
Magazine’s editor-in-chief Stefano Tonchi has exited the publication,
and style director Sara Moonves will take his place.
“Sara has impeccable taste and a keen eye for how a media brand
should evolve in today’s fast-paced media landscape,” Marc Lotenberg,
Future Media’s CEO, said in a statement. “She has enormous credibility
in the fashion community, not to mention a forward-thinking
sensibility that will bring W beyond its core print distribution into
various offline, online and augmented formats.”
W will maintain offices in Paris, Milan and New York, with a new
bureau to be established in Los Angeles.
Future Media Group buys W Magazine after almost a year on the market
Conde Nast originally put W Magazine on the market in the August 2018,
along with its titles Brides and Golf Digest. While Brides sold to
Dotdash and Golf Digest to Discovery Inc. this past May, W Magazine’s
time on the market was less straightforward.
Originally it looked like C Ventures would buy the title, however
that deal did not move forward. In fact, the deal with Future Media
Group almost fell through due to controversy over
Lotenberg and his financial backer Magna Entertainment.
Conde Nast purchased W Magazine from the Walt Disney Company in
1999. The magazine generated success in setting content trends and
winning media awards, however the publisher struggled with expenses as
consumers have turned their attention to digital media as opposed to
print.
“W has always been an extraordinary and visionary arbiter of style.
For over 45 years, its pages have been filled with indelible imagery
and exciting journalism,” Lotenberg said.
“We look forward to honoring and building on that legacy. We know
that W will serve as a perfect complement to the publications already
in our portfolio.”
photo:wmagazine.com
