NEW YORK – Penske Media Corporation (PMC) and its subsidiary Fairchild Media announced the acquisition of Sourcing Journal, the premiere media brand for global executives focused on the sourcing and manufacturing industries. The purchase advances Fairchild’s and WWD’s leadership position in today’s fashion and retail business coverage.
“The future of fashion will rely much more on material sciences, sourcing and technology, so to bring into the fold the leading media publication in that space opens important opportunities for our WWD and FN brands as well as for our readers and partners,” said PMC chairman and chief executive officer Jay Penske. “Eddie is a remarkable entrepreneur; we’re eager to work with him and the entire Sourcing Journal team to continue the growth of this emerging brand and leading platform.”
Since its founding by Edward Hertzman and his co-founder Munir Mashooqullah in 2009, Sourcing Journal has swiftly taken the lead as the top-tier voice for sourcing and manufacturing industry thought leaders. With over 70,000 readers, Sourcing Journal’s expert editorial team leads the industry conversation with smart investigative journalism, breaking news, analysis of global market conditions and industry white papers.
“There’s something to be said about synergies and I think that’s what we’ve found with this move. When I met Jay, I knew he shared the same vision for the future of Sourcing Journal as I’ve had in all the years that got us to this point,” Hertzman said. “Now, with PMC’s positioning and insight, we’ll be able to not only grow the publication’s offerings but also reach our aim of making Sourcing Journal the homepage for the entire global supply chain industry.”
As an extension of its editorial content, Sourcing Journal’s summits gather the industry’s thought leaders and premier executives for high-level networking as well as candid and professional discussion and debate around the most pressing industry challenges and opportunities. These conference offerings are slated to grow as part of PMC and Fairchild, where Sourcing Journal will leverage the infrastructure of the robust Fairchild Live events business in order to expand its year-round global offerings.
“In the increasingly fast moving worlds of fashion, retail and beauty, the winners will be those with the most advanced and flexible logistics and sourcing capabilities,” said James Fallon, editorial director of WWD. “While WWD has always covered these areas, the acquisition of Sourcing Journal will enable us to provide more in-depth, up-to-the minute and insightful coverage of these vital areas for our global readers. The addition of Sourcing Journal’s summits also will also help industry executives stay up to date with the latest trends in the sector.”
Sourcing Journal joins PMC’s media portfolio, which extends beyond the business of fashion and retail to also include lifestyle and entertainment brands Variety Inc., Deadline Hollywood, Robb Report, TVLine.com, Hollywood Life, and IndieWire alongside PMC’s global events and data services. Financial terms of the acquisition were not disclosed.
“Sourcing Journal’s current growth will further strengthen under the PMC umbrella,” said Mashooqullah. “PMC will be a great home for Sourcing Journal’s talented team; I see Eddie exceling in the publication industry under Jay’s stewardship.”
· The acquisition brings together two of the fashion and retail industry’s leading sources for breaking news and smart insights vital for today’s global executives.
· The financial terms of the acquisition of Sourcing Journal from owner Hertzman Media Group were not disclosed.
· This transaction complements Penske Media’s 2014 purchase of Fairchild Media (WWD, FN, M, Beauty Inc.) from Condé Nast.
· Under Penske Media’s ownership, Sourcing Journal will remain an independent publication dedicated to informing apparel and textile executives via updates on global market conditions, breaking news stories, top-tier investigative journalism and industry white papers.
· Sourcing Journal’s events business will benefit from Fairchild Publishing, LLC’s New York-based Fairchild Live events team, leveraging a best-in-class infrastructure for growth.
· MMG Advisors served as exclusive financial adviser to Hertzman Media Group and Otterbourg P.C. as legal counsel.