News Summary: Penske Media buys Variety

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Associated Press

Posted on October 9, 2012 at 9:06 PM

Updated Tuesday, Oct 9 at 11:06 PM

VARIETY SOLD: Penske Media Corp., the owner of the snarky entertainment website Deadline, has purchased venerable show business publication Variety for $25 million from Reed Elsevier Group PLC.

PRINT EXIT: Variety, which has covered show business since 1905, was the last remaining U.S. print publication to be sold by Reed, which is moving away from advertising-dependent businesses and toward data services.

PENSKE PLANS: Penske Media said it plans to expand Variety's presence on the Web, on mobile devices, over broadcast and in international markets.

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