Penske Media Corp., 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, according to a statement today from the companies.

"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