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Conde Nast wins Fairchild
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August 20, 1999: 5:31 a.m. ET
Report: Vogue publisher nets Women's Wear Daily for $650M
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LONDON (CNNfn) - Glossy magazine publisher Condé Nast has won the auction for control of Walt Disney's Fairchild Publications unit, publisher of Women's Wear Daily, according to a press report Friday.
A bid of $650 million for the unit has beaten a rival offer from Harper's Bazaar publisher Hearst Magazines, according to the New York Times.
The newspaper quoted an unnamed Disney (DIS) executive as saying the deal could be announced later Friday or Monday.
Condé Nast, a unit of Advance Publications, publishes jazzy magazines including Vogue and Vanity Fair, as well as high-profile magazines such as The New Yorker.
Combining Condé Nast's portfolio with Fairchild's Women's Wear Daily, W and Jane will put Condé Nast in pole position among U.S. consumer fashion magazines.
Analysts quoted by the newspaper said the deal would allow the enlarged Condé Nast to sell advertising packages across all its fashion titles.
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