Variety for SaleFriday, March 23, 2012
Hollywood trade publication Variety is up for sale by parent company Reed Business Information.
The Variety sale is part of an effort to sell-off print assets and focus on data services, according to a statement issued by Reed Business Information, a division of Reed Elsevier, a London-based business information publisher.
Variety, headquartered on the Miracle Mile, was previously placed on the market in 2008, along with other trade publications owned by the company, but failed to sell.
Variety has been covering show business news for more than 100 years but has faced pressure from an industry-wide downturn of print advertising. It has seen much of that ad revenue siphoned off by several show business news web startups.
“I have every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector,” said Variety President Neil Stiles in the statement.