UPDATE: Conde Nast CEO Chuck Townsend has sent out a memo detailing the terms of the sale. Penske Media will only be acquiring the business-to-business brands owned by Fairchild, which include WWD, M magazine, Beauty Inc., Footwear News and Fairchild Summits. Fairchild Media's other properties, Style.com and NowManifest, will still be a part of Conde Nast. Fairchild CEO Gina Sanders will not be moving to Penske, but is assuming a soon-to-be-announced role at Conde Nast parent company Advance Publications.
In the memo, Conde Nast CEO Charles Townsend wrote that selling Fairchild's trade publications will allow it to concentrate on its core consumer-facing brands.
Conde Nast is planning to sell Fairchild Media -- whose assets include trade publications Women's Wear Daily (WWD), Style.com, Footwear News (FN), NowManifest, Beauty Inc., M and their associated events businesses -- to Penske Media for around $100 million, according to New York Times reporter Ravi Somaiya.
Spokespeople for Conde Nast and Fairchild did not immediately respond to phone calls and emails for comment.
The two businesses are closely aligned: Penske already operates a large number of print and digital trade publications focused primarily on the entertainment industry, including Variety, HollywoodLife and Movieline. It, too, has its own events businesses.
The move comes just a week after Conde Nast announced that its plans to spin Lucky magazine into a separate joint venture with e-commerce site Beachmint.