According to WWD, which broke the news Friday evening, both Nylon Holdings Inc. and Socialyte.co-owned FashionIndie have been sold to a new (as yet unnamed) venture being helmed by former Wenner Media publisher Dana Fields and Election.com founder Joseph Mohen. Diversis Capital LLC and Backbone Capital Advisors LLC helped finance the transactions.
Nylon and FashionIndie are expected to remain separately branded properties -- though there will be some staff crossover. A source tell us that next week the company is planning to announce that Daniel Saynt, FashionIndie's co-founder and creative director (and the former chief marketing officer of Rebecca Minkoff), is Nylon's new creative director. Beca Alexander, FashionIndie's second co-founder and editor-in-chief (and Saynt's wife), is also said to be taking on a large role at Nylon.
Meanwhile, Nylon's founder and interim editor-in-chief, Marvin Scott Jarrett, is reportedly out of the job, as is publisher (and Jarrett's wife) Jacclyn. A new editor in chief has not yet been named.
By acquiring Nylon and FashionIndie, it appears that Fields and Mohen are building a media company that will concentrate on young, style-savvy readers -- at least to start. "It is very exciting to be growing this modern media company and one whose delivery of the top trendsetters in the millennial market is unsurpassed,” Fields said in a statement released to Adweek. “We see this purchase as taking a profitable, highly visible property, Nylon, and by merging it with FashionIndie.com, create a unique brand in the media community for marketers."