According to WWD, newly formed holding company Future Media Group has acquired W Magazine from Condé Nast, with Stefano Tonchi announcing that he is stepping down as the publication's editor-in-chief after almost a decade in the role. He will be succeeded by W's current style director Sara Moonves. 

Future Media Group, created by Surface Media, and made up of W, Surface and Watch Journal, will be looking to develop the digital reach of its latest acquisition but will also continue to publish eight print issues of the magazine annually.