Penske Media Corp. Buys 'Variety'
Posted by Michael Mintos on Oct 9, 2012 - 4:42:38 PM
LOS ANGELES—The Santa Monica-based company Penske Media Corp. purchased the Hollywood-based entertainment paper ”˜Variety’ on Tuesday. PMC, a digital media company founded by CEO Jay Penske, secured the deal with Reed Business Information after a seven-month auction of the paper by their owner Reed Elsevier.
According to PMC’s website, Jay Penske, the son of auto racing team owner Roger Penske, has led the company since its inception to an expansion of entertainment sites and award shows known for original content and premium user experiences. Penske Media Corp., which includes PMC Studios, Deadline.com, Movieline, HollywoodLife, ENTV and other digital media, reaches more than 83 million consumers a month according to Comscore. They are adding ”˜Variety’ to that list, an entertainment news source that has provided box office charting, credits database, film and television data business and reviews for over 100 years.
Founded in 1905 by Sime Silverman, it was originally a weekly paper that covered vaudeville until it expanded to Hollywood in 1933. The Silvermans ran the business until 1987 when RBI’s publishing unit Cahners Publishing bought weekly and ”˜Daily Variety.’ Neil Stiles, President of ”˜Variety,’ will remain as a consultant as the paper changes hands from RBI to PMC and then he will resign from his position. Financial details regarding the purchase were not disclosed by PMC or Variety.
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