Penske Media Buys Variety
Posted on October 15, 2012Penske Media Corporation has acquired Variety from Reed Business Information. Variety is a leading entertainment industry news publication. The cost of the acquisition was not disclosed. Penske also owns the Deadline.com website, which gives it two major entertainment industry sources. The L.A. Times reports that Deadline and Variety will "continue as separate and distinct entities, though some staffers may contribute to both."
Jay Penske, Chairman and Chief Executive Officer of PMC, said in a release, "Since 1905, Variety has been the world's premier entertainment news source, and is today one of the most recognized global media brands. We are thrilled to welcome Variety and its exceptional team into the PMC organization. As part of this significant acquisition, we plan to rapidly build upon Variety's foundation while extending this invaluable brand's presence across the web, broadcast, mobile, and international markets."
Deadline.com reports that Variety's paywall will be coming down as a result of the acquisition.