Women's Wear Daily to receive new owner

Penske Media Corp (PMC) has taken over Fairchild Fashion Media from Condé Nast, in an agreement which includes

Women's Wear Daily (WWD), Footwear News, M magazine and Fairchild Summits and events business. Consumer titles Style.com and NowManifest, which are a branch from Fairchild were, excluded from the deal.

The agreement between the two firms is thought to be finalized sometime next month, with the first employees moving to PMC headquarters in New York early next year.

PMC was first founded in 2003 in Los Angeles. The media group is best known for its titles such as Deadline.com, Variety Magazine, Hollywood Life, India.com and Variety Latino, which is a joint venture with Univision.

WWD, one of the oldest fashion trade magazines in circulation with its first edition appearing in 1910, has changed hands in the past.