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Media
Variety sold
By CMU Editorial | Published on Wednesday 10 October 2012
US-based entertainment industry trade magazine Variety has been sold. Former owner Reed Elsevier has sold the title to the Penske Media Corporation, which also owns entertainment industry website Deadline.com.
Confirming the acquisition, PMC CEO Jay Penske told reporters: “As a company, we plan to rapidly build upon Variety’s foundation, while extending this invaluable brand’s presence across the web, broadcast, mobile and international markets”.
Like many traditional trade magazines, the 107 year old Variety has faced the challenge of new online-only competitors with lower overheads, and falling budgets at many entertainment companies. It’s thought the new owners may take down the paywall element to the title’s website, while some are already speculating about the future of the print Variety publications. The trade mag currently has a staff of about 120.
