Penske Media Corporation, (PMC) owners of Deadline, TVLine, MovieLine, HollywoodLife, BGR and ENTV announced today that it has purchased Variety from Reed Business Information, part of Reed Elsevier. Terms of the agreement were not disclosed.
“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,” said Jay Penske, chairman and chief executive officer of PMC.
“We are enthusiastic that PMC will become the new steward of the great Variety franchise, which Reed Elsevier has built over the past 25 years, and the Silverman family for the 80 years before that,” said Neil Stiles, president of Variety. “PMC is uniquely positioned to preserve and build the market presence of Variety. Their shared values and complementary assets provides for many new opportunities for the business model and brand.”
The Variety business includes Daily Variety, Weekly Variety, Conferences & Events, along with Variety.com’s archives, interactive box office charting, credits database, film and television data business, industry calendar and reviews dating back to 1914.
“With RBI’s increasing focus on data services, it makes sense for us to sell the Variety business,” said Mark Kelsey, CEO of Reed Business Information.
Michael Fleming, film editor at Deadline.com reported that “I’m sure there will be a significant readjustment period for everyone as Variety is redefined, and some of that will undoubtedly involve creating a leaner, more efficient operation… I would be surprised, for instance, if Variety continues behind a pay wall, or continues to exist in its current form as a daily and weekly print publication.”