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'Variety' Bought By Competitor Penske Media

Iconic show biz trade Variety has been bought by hedge fund Third Point and digital media company Penske Media, owner of Hollywood news website, for roughly $25 million. Though 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."

Read the whole story at L.A. Times »

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