Venerable entertainment industry trade publication Variety will be sold to Penske Media Corp. for approximately $25 million. Reed Elsevier, known for publishing Gray’s Anatomy and home to the LexisNexis research database, unloaded the company.
Penske Media Corp. is headed by 33-year-old Jay Penske, son of auto magnate Roger Penske. In recent years it has acquired or launched Deadline.com, Movieline, Boy Genius Report, Hollywood Life and TVLine.
Jay Penske tells the L.A. Times that Deadline and Vaierty will “maintain distinct websites and editorial offerings… While many view Variety and Deadline as strict competitors, we see an incredible opportunity for future collaboration, while remaining editorially independent.”
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About the AuthorSarah Skates is Sr. News Editor of MusicRow Enterprises. Now in her eighth year with the company, she contributes to musicrow.com and the print magazine. She welcomes your feedback to email@example.com. Please send press releases, photos, and news items to firstname.lastname@example.org.
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