"This is a unique and remarkable opportunity to add a collection
of esteemed global brands to our growing portfolio," Mr. Penske,
who is chairman and chief executive officer, said in the
statement.
The purchase price was $100 million, The
New York Times reported.
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 brands include Deadline.com and
HollywoodLife.com, two other entertainment industry news
sources.
-- Bloomberg News