|
MUMBAI:
Reed Business Information owned Hollywood newspaper Variety
has been purchased by leading digital media and publishing
company Penske Media Corporation and private equity firm Third
Point LLC.
While
the terms of the asset purchase agreement between the parties
were not disclosed, it has been reported that the PMC and
Third Point would have paid $25 million to acquire the loss
making 107 year old entertainment newspaper.
PMC
Chairman and CEO Jay Penske said, "Since 1905, Variety
has been the world's premier entertainment news source, and
is today one of the most recognized global media brands. We
are thrilled to welcome Variety and its exceptional team into
the PMC organization. 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."
"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 Variety president Neil Stiles. He
added, "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 today includes Daily Variety, Weekly Variety,
Conferences & Events, along with Variety.com's searchable
archives, interactive box office charting, credits database,
film and television data business, in-depth industry calendar,
and reviews dating back to 1914.
Reed
Business Information CEO Mark Kelsey said, "Variety is
an iconic title serving the film and entertainment industry
for more than 100 years. With RBI's increasing focus on data
services, it makes sense for us to sell the Variety business.
Variety has an incredibly talented team who have successfully
innovated and expanded the franchise in industry news and
analysis. I have no doubt the business will continue to thrive
under PMC's ownership."
|
