News Summary: Penske Media buys Variety

Associated Press Modified: October 9, 2012 at 9:01 pm •  Published: October 9, 2012

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.

Trending Now


  1. 1
    News 9: Former longtime OKC radio DJ dies Thursday
  2. 2
    KFOR: Detectives stumble upon rare extinct animals at Oklahoma ranch
  3. 3
    KOCO: Family seeks help finding Lennie, their missing leopard tortoise
  4. 4
    'Glee' star Becca Tobin's boyfriend Matt Bendik found dead in Philadelphia hotel room
  5. 5
    Oklahoma City Thunder: Kevin Durant reportedly trying to get Caron Butler to return
+ show more