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W Magazine, the high-end vogue publication previously owned by Condé Nast, will stay on beneath the auspices of a brand new possession group led by supermodel-influencer-entrepreneur Karlie Kloss.
On Friday, W Journal Editor-in-Chief Sara Moonves (daughter of ousted CBS chief Leslie Moonves) introduced that she assembled a gaggle of buyers led by Kloss to accumulate the model as a part of a newly shaped three way partnership referred to as W Media.
Different buyers in W Media embrace film producer Jason Blum, founder/CEO of Blumhouse Productions; mannequin Kaia Gerber; racing driver Lewis Hamilton; Forerunner Ventures’ Kirsten Inexperienced; Dara Treseder, now head of selling at Peloton; LionTree’s Aryeh B. Bourkoff; and funding and expertise advisory agency Copper.
The brand new firm, citing the COVID-19 pandemic, stated W is planning “one mixture print problem for the rest of 2020,” which will probably be its annual “New Originals” problem within the fall. Beginning in 2021, W Journal plans to renew a daily six-times yearly publishing schedule.
Phrases of the deal weren’t disclosed. The buyout of W Journal comes after Condé Nast — as a part of paring its portfolio to chop prices — in June 2019 bought the style title to Future Media, a holding firm led by Marc Lotenberg, in a deal extensively reported to be worth under $10 million. Lotenberg merged W with Future Media’s Floor and Watch Journal and named Sara Moonves W’s editor-in-chief — the primary feminine EIC within the journal’s historical past — with the departure of longtime prime editor Stefano Tonchi.
In March 2020, Lotenberg successfully put W Magazine in hibernation mode, with many of the workers furloughed and print editions suspended indefinitely, pinning the blame on the coronavirus outbreak. A rep for Lotenberg stated that with the sale of W, Floor Media (and Floor Journal) individually will proceed to cowl design, vogue, journey, arts and occasions.
As a part of the formation of W Media, the enterprise lower a cope with digital-media holding firm Bustle Digital Group to function as a accomplice “supporting know-how, gross sales and operations for the model. BDG CEO Bryan Goldberg will function managing accomplice. In 2019, as a part of its roll-up play, BDG bought fashion publication Nylon.
The newly shaped W Media will deal with increasing W’s footprint “by way of a forward-thinking strategy centered round elevating the subsequent technology of expertise in artwork, leisure, vogue, media and popular culture,” the corporate stated. That may embrace increasing W’s editorial choices by way of “each preexisting franchises inside the W ecosystem and new content material initiatives,” comparable to a contributor community “designed to assist numerous voices and extra equitable illustration within the business.”
“I’m so honored to proceed to steer the unimaginable workforce at W,” Sara Moonves stated in an announcement. “By our superb editorial and unique content material, I’m excited to have interaction our viewers in new methods and produce new members into the fold as we broaden our international footprint throughout the ever evolving digital media panorama whereas upholding W’s legacy as a foremost chief in artwork, tradition and vogue.”
W Journal was launched in 1972 as a sister pub to WWD (now owned by PMC, writer of Selection). W turned a part of Condé Nast after mum or dad Advance Publications purchased Fairchild Publications in 1999. PMC in 2014 bought the Fairchild business-to-business fashion group (which didn’t embrace W Journal) from Condé Nast.
Within the deal for W Journal, Kloss was represented by L.A.-based legislation agency Greenberg Glusker.
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