Condé Nast is selling Fairchild Fashion Media, the group behind trade publications like Women's Wear Daily and Footwear News, to Penske Media, Penske announced on Tuesday.
The details of the sale were not immediately clear, but a person briefed on the deal said it was worth about $100 million. After the sale, Fairchild's employees will work for Penske, this person said.
A spokeswoman for Condé Nast declined to comment.
Penske Media, controlled by Jay Penske, a son of the auto racing mogul Roger Penske, also owns the movie industry magazine Variety and the website Deadline, part of a portfolio of media brands. It also owns HollywoodLife.com, the site run by the former Cosmopolitan editor Bonnie Fuller.
Jay Penske, the company's chairman and chief executive, clashed publicly with one of its most prominent writers, the Hollywood blogger Nikki Finke, who has since departed to start her own website.
Fairchild was sold to Condé Nast by Disney in 1999 for $650 million. Its flagship publication, Women's Wear Daily, has long been a fixture in the fashion world, and a training ground for journalists who went on to dominate fashion reporting. It employed major names like the photographer Steven Meisel, and André Leon Talley, a former editor-at-large for Vogue. Until his death last year, Peter Kaplan, formerly editor of The New York Observer, served as editorial director.
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