Penske Persistence Pays Off: Mogul Buys Variety

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Dutch media conglomerate Reed Elsevier has unloaded the 107-year-old weekly newspaper and "Bible" of the entertainment industry, Vareity, to Penske Media Corp. ("PMC") in an assets purchase deal whose terms were not disclosed, the Web site Deadline.com reports.

PMC CEO and Chair Jay Penske, a 31-year-old Internet media mogul and son of a famous racing family, is adding Variety to a stable that already includes the online MovieLine and HollywoodLife. His quest for Variety (see "TUOL" post 4/29/11) was backed by debt and equity financing from Third Point LLC affiliates, according to the Deadline.com post.

Reed Elsevier oversaw Variety for about a quarter century, following an 80-year stewardship of the trade newspaper by the Silverman family.