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Phys, Conde Net's planned women's health and lifestyle site, appears to be the long-awaited venture its parent Conde Nast Publications has been negotiating with Procter & Gamble Co. for close to a year.

While Conde Net Director Sarah Chubb would not confirm that the site, expected to launch this June, is backed by P&G, the theme and context-with its coverage of health, nutrition, physical fitness and sex-is an obvious fit for the package-goods marketer.

Executives close to the situation say the site is a 50/50 partnership between Conde Nast and P&G. But negotiations have been delicate, and it's unclear what the extent of P&G's involvement will be.

Executives at P&G and Grey Interactive, New York, the P&G agency that had been working on the project, declined to comment on the site.

Phys will feature editorial content from Conde Nast publications Mademoiselle, Self, Glamour, Allure and Vogue.

Ad rates on Phys, as elsewhere on Conde Net, are $55 per thousand impressions.

In other Conde Net news, American Express Co.'s credit card marketing group, Barnes & Noble and WorldPages all recently signed to advertise on Conde Net's properties.

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