'Variety' Bought By Competitor Penske Media

L.A. Times, Tuesday, October 9, 2012 11:46 AM
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Iconic show biz trade Variety has been bought by hedge fund Third Point and digital media company Penske Media, owner of Hollywood news website deadline.com, for roughly $25 million. Though deadline.com and other online competitors had "stolen much of the thunder that belonged to Variety for its 107-year history," Penske chief exec Jay Penske "has not yet determined... what key changes he will make, including whether he will stop publishing either or both [weekday and weekly] print editions," writes Ben Fritz. "Deadline and Variety will continue as separate and distinct entities, though some staffers may contribute to both."

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