“Variety” Mag Sold To Penske Media

Venerable entertainment industry trade publication Variety will be sold to Penske Media Corp. for approximately $25 million. Reed Elsevier, known for publishing Gray’s Anatomy and home to the LexisNexis research database, unloaded the company.

Penske Media Corp. is headed by 33-year-old Jay Penske, son of auto magnate Roger Penske. In recent years it has acquired or launched Deadline.com, Movieline, Boy Genius Report, Hollywood Life and TVLine.

Jay Penske tells the L.A. Times that Deadline and Vaierty will “maintain distinct websites and editorial offerings… While many view Variety and Deadline as strict competitors, we see an incredible opportunity for future collaboration, while remaining editorially independent.”