Jay Penske's Penske Media Corp. is buying Fairchild Fashion Media from Condé Nast, the publishing empire controlled by the billionaire Newhouse family.
The price was not disclosed, but sources close to the negotiations said Penske was getting the company that owns trade titles Women's Wear Daily, Footwear News and Beauty Inc., as well as a conference business, for around $100 million.
Condé Nast and its parent, Advance Publications, bought Fairchild from Disney 15 years ago for $650 million.
Details and W, consumer magazines which at various times were part of Fairchild, will stay with Condé Nast, where they have been housed for the past several years.
Condé will also keep Style.com and NowManifest.
Condé Nast CEO Charles Townsend broke the news to staffers with a memo late Tuesday.
"We plan to sell Fairchild Fashion Media's US-based trade publishing assets to Penske Media Corporation, a company with whom we have found the right match to complement FFM's business-to-business verticals."
Penske, the son of race car legend Roger Penske, has a growing footprint in print and digital business publications. He had purchased Variety from Reed Elsevier for just over $30 million two years ago and revived the once dominant brand.
In 2009, Penske purchased Nikki Finke's Deadline Hollywood for an estimated $7 million — but feuded with the founder, who eventually quit to try to start her own Web site.
Penske also owned Hollywood Life, headed by Bonnie Fuller, a former top editor at a variety of glitzy consumer magazines.
Talks between Penske and Condé Nast began over a year ago.
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