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August 20, 2014 by · Leave a Comment 

Penske Media, the company that owns the Hollywood trade publications and Variety, among others, is acquiring Fairchild Fashion Media’s trade magazines, including Women’s Wear Daily, from Condé Nast Publications, the companies announced on Tuesday. The New York Times said that Jay Penske had paid $100 million for the publications, a price that reflects the dire straits that print media face today. Condé Nast had purchased Fairchild from Disney in 1999 for $650 million. "This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio," Penske said in a statement. Oddly, Nikki Finke, who sold to Penske for a reported $7 million but who quit after a rancorous feud with him, was silent about the sale. Indeed, a check at her website reveals that she has posted nothing there since August 11.