Jay Penske's media company is buying Fairchild Fashion Media, the owner of such fashion industry publications as Women's Wear Daily, Footwear News and Beauty Inc.
Conde Nast, which currently owns Fairchild Fashion Media, said Tuesday that it wanted to sell its U.S.-based fashion trade brands to better focus on its flagship properties, including Vanity Fair, Vogue, and the New Yorker.
The purchase price was not disclosed, although several publications pegged it at just under $100 million.
Penske, son of auto mogul Roger Penske, formed his media company, Penske Media, more than a decade ago. He made a splash in Hollywood in 2009 when he acquired the juggernaut insider news...