Friday, April 29, 2011

Will 'Variety' Be Added to the Penske File?

Reed ElsevierImage by shindoverse via FlickrDutch media mogul Reed Elsevier may be unloading Variety to 30-year-old Detroit Internet media conglomerate owner Jay Penske, according to

Penske, scion of a wealthy car-racing family, already has an online media stable that includes HollywoodLife, Movieline and showbiz Website, Deadline. Penske's online holdings are backed by a $35 million stake from private equity company, Quadrangle Partners, according to post.  The Amsterdam-based Reed Elsevier held onto Variety, after offering it up for sale in 2008 at a time when it sold 61 trade journals as the magazine industry faltered with the economic slowdown.

Variety has denied TheDaily's claim. The magazine, which has been covering the entertainment industry since 1905, is owned by the Reed Business Information division of Reed Elsevier.

"TUOL" can see the Variety headline now if TheDaily item proves true: "Dragging Mag No Dutch Treat."

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