The ominous, bizarre, hilarious specter of Mike Fleming and Jeff Sneider working for the same parent company has reared its head again. This time in the form of a Monday afternoon LA Times report by Ben Fritz:
Penske Media Corp., the owner of Deadline and six other online properties, is now the leading bidder for Variety, partnered with private equity fund Shamrock Capital Advisors, according to two knowledgeable people not authorized to discuss the matter publicly.
The company, led by Jay Penske (pictured), the 33-year-old son of automobile magnate Roger Penske, could close a deal to purchase the paper in the next three weeks for around $30 million, one of the people added.
We’ve written quite a bit about the very entertaining rivalry between Sneider and Fleming. Even though Fritz’s sources insist the Penske plan is to keep Variety and Deadline distinct-separate, it’s still strange to think that Josh Dickey could soon be tweeting out congratulations to his “sister” publication for winning the week’s exclusives tally.
[Photo courtesy Penske Media Corp.]
Previously on FishbowlLA:
Report: Penske, Lasry Circling Discounted Variety Sale Price
Report: Variety-Avenue Capital Deal is Stalled