Penske Media Corp. is buying the Fairchild Fashion Media group, including Women's Wear Daily (WWD), from Condé Nast.
In addition to WWD, Penske will acquire Footwear News, Beauty Inc., M and the Fairchild Summits. Terms of the deal were not disclosed, but reports indicated the price is around $100 million. The deal was announced Aug. 19.
New York-based Condé Nast will retain consumer brands Style.com and NowManifest. The seller said the sale fits with its strategy to invest resources in core consumer brands the media giant also owns Vogue, Condé Nast Traveler, Wired, GQ, the New Yorker and W. The deal is expected to close in September.
Penske, headquartered in Los Angeles, is a digital media, publishing and information services company. The company's brands include Deadline.com, Variety magazine, CricketCountry.com, HollywoodLife and others. The group bought Variety for $25 million in October 2012.