Another week, another [BLANK]-is-in-the-lead-to-buy-Variety news story. This one from a pair of reporters (the New York Post’s Keith J. Kelly and Josh Kosman) who have filed several, similar previous dispatches.

According to the duo’s sources, Ron Burkle walked away after his recent low-ball $20 million range offer for the trade was rejected. Which reportedly leaves Jay Penske (PMC) and Marc Lasry (Avenue Capital Group):

Reed Elsevier has been forced to cut Variety’s asking price by more than 25 percent and offer “seller financing” to close the deal, The Post has learned. It has recently cut Variety’s asking price to below $30 million from its original $40 million price tag, sources close to the situation said.

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So it looks as if it’s not going to be Ron Burkle after all.

According to the New York Post, Variety parent Reed Elsevier has accepted a formal bid for the trade publication. The winning party is a billionaire, but not the one who had recently been touted, partly because Burkle reportedly wasn’t willing to go high enough:

New York billionaire Marc Lasry’s Avenue Capital has emerged as the front-runner to take control of Hollywood trade Variety, The Post has learned. Variety’s parent company, Reed Elsevier, has accepted the hedge fund’s bid for between $30 million and $40 million, a source close to the talks said. Reed Elsevier has been seeking around $40 million.

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