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."