Penske Media, the Los Angeles-based publishing company founded by automotive heir Jay Penske, is acquiring Fairchild Fashion Media’s trade magazines from Conde Nast Publications.
The sale includes Women’s Wear Daily and Footwear News, the companies said in a statement. Fairchild will retain its consumer brands, such as Style.com.
“This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio,” Jay Penske, who is chairman and CEO of Penske Media, said in the statement.
The purchase price was $100 million, The New York Times reported.
The sale price underscores the struggles of print publications in a rapidly changing media landscape that is increasingly more digital. Condé Nast purchased the Fairchild assets from Disney for $650 million in 1999.
Jay Penske is the son of Roger Penske, chairman and CEO of Penske Automotive Group and a longtime race car team owner in IndyCar and NASCAR.
Women’s Wear Daily had total print circulation of 59,189 and monthly visitors of 827,200, according to the company’s Web site.
Fairchild was founded in 1892 by Edmund Fairchild. The company was owned by Capital Cities Communications for a number of years before that company’s acquisition by Walt Disney Co. Advance Publications, the Newhouse family’s publishing business, acquired Fairchild from Disney in 1999.
In addition to Variety, Penske's media brands include the Hollywood trade magazine Variety, and Deadline.com and HollywoodLife.com, two other entertainment industry news sources.
Bloomberg contributed to this report.