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 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, Variety magazine,, HollywoodLife and others. The group bought Variety for $25 million in October 2012. 


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