W’s editor Sara Moonves, whose father is Les Moonves, the former head of CBS, put together the group of investors with the help of supermodel entrepreneur Karlie Kloss to acquire the publication from Future Media Group.

WHO: W Magazine was launched in 1972 as a sister publication to WWD, becoming part of Condé Nast after parent Advance Publications bought Fairchild Publications in 1999. The magazine’s 50,000-person circulation belies an outsized influence.

IN THEIR OWN WORDS: W Magazine editor-in-chief Sara Moonves will continue to run the luxury media magazine. “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,” Moonves said in a statement.

DETAILS:

• Future Media Group sold W Magazine to a group of investors led by Karlie Kloss that includes Jason Blum, Lewis Hamilton, Forerunner Ventures’ Kirsten Green and Dara Treseder, Kaia Gerber, Lion Tree’s Aryeh B. Bourkoff, and investment and talent advisory firm Copper.
• W Magazine will now be known as W Media.
• As part of the formation of W Media, the venture struck a deal with digital-media holding company Bustle Digital Group (BDG) to act as its new operating partner responsible for supporting technology, sales, and operations.
• BDG CEO Bryan Goldberg will serve as a managing partner though BDG will still operate as a separate entity.
• W Magazine editor-in-chief Sara Moonves will continue to run the luxury media publication with the same editorial staff that was furloughed in March.
• W is planning one print issue for the rest of 2020, and starting in 2021 will resume a regular schedule with six print issues annually.
• Using the coronavirus as the reasoning, Future Media Group, furloughed the majority of W‘s staff and suspended its publication in March.
• Future Media Group purchased the company from Condé Nast in June 2019 in a deal widely reported to be under $10 million.
• In the deal for W Magazine, Kloss was represented by LA-based law firm Greenberg Glusker.