TV Guide Buyer Looking for Variety?

Variety (magazine) (Photo credit: Wikipedia)

The New York Post reported today that Los Angeles-based private equity investor Open Gate Capital LLC, which paid $1 to purchase a distressed TV Guide in 2008 (see "TUOL" post 6/3/10), may now have Variety, the entertainment industry bible owned by Dutch media conglomerate Reed Elsevier, in its sights.

Reed Elsevier in March offered the troubled Hollywood trade paper for sale. A year ago, Detroit Internet media mogul Jay Penske was rumored to be in line to acquire Variety (see "TUOL" post 4/29/11). The Post story reports Variety's price tag could range from $10 million to $30 million.

Open Gate Capital apparently has pulled out of the running to acquire the TV Guide cable channel from the Lionsgate movie studio and co-owner One Equity Partners. The Post article suggests Discovery Communications may have an interest in buying the TV Guide Channel.

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