W Magazine Sold to Group Led by Karlie Kloss, Kaia Gerber and Jason Blum
W Magazine will have new ownership led by models Karlie Kloss, Kaia Gerber and producer Jason Blum who have all invested in the fashion magazine. Bustle Digital Group will now be its operating partner, managing sales, business and technology.
Bustle Digital Group announced the formation of W Media Friday.
“I am so honored to continue to lead the incredible team at W,” said Editor-in-Chief Sara Moonves in a Friday statement. “Through our amazing editorial and original content, I’m excited to engage our audience in new ways and bring new members into the fold as we expand our global footprint across the ever evolving digital media landscape while upholding W’s legacy as a foremost leader in art, culture and fashion.”
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Moonves will remain in her role, which she acquired after the 2019 acquisition of W by FMG. She replaced longtime top editor Stefano Tonchi, who left W and Condé Nast after nine years amid the deal. Moonves is the daughter of former CBS chief Les Moonves, who was ousted from the network in 2018 after multiple accusations of sexual misconduct.
Future Media Group, a newly-formed holding company from Surface Magazine CEO’s Marc Lotenberg, made the purchase for an undisclosed amount.
The new plan for W comes after a number of staffers were furloughed and publication was suspended earlier this year, as the coronavirus pandemic decimated the American economy, taking the publishing and fashion industries down with it.
Read original story W Magazine Sold to Group Led by Karlie Kloss, Kaia Gerber and Jason Blum At TheWrap
