Condé Nast and Stefano Tonchi have finally settled a dispute stemming from Tonchi’s firing from W magazine, the broadsheet fashion monthly that Condé Nast unloaded in 2019 when it was sold to Future Media Group, the company run by the CEO of Surface Magazine, Marc Lotenberg.
Terms of the settlement were not disclosed, but Tonchi filed a breach of contract lawsuit against Condé Nast’s parent company Advance Magazine Publication in June 2019, seeking $1 million for wrongful termination. Condé Nast counterattacked, claiming Tonchi interfered with the sale of W.
In March 2020, Lotenberg furloughed staff and closed the magazine, citing the coronavirus pandemic.
The print magazine is currently published six times a year by W Media in partnership with BDG and features several celebrity investors, including models Karlie Kloss and Kaia Gerber. W editor Sara Moonves (she was promoted to style editor when Tonchi left in 2019) and Kloss helped orchestrate the sale of W, which also includes a digital component, away from Future Media.
“Stefano Tonchi is a talented journalist and media executive who contributed immensely to W magazine’s success as editor for more than nine years,” a Condé Nast spokesperson said in a statement. “We are happy to have resolved this matter with him.”
Tonchi added, “Running W magazine and working with talented teams at Condé Nast has been a highlight of my career. I am very happy that we can all move on from our differences.