The New York Post is reporting that Avenue Capital Group, the investment firm whose holdings include American Media Inc. (AMI), is the lead bidder for Variety. The paper’s parent company is rumored to have accepted Avenue’s bid of between $30 to $40 million, and a deal could be announced as early as this week.

If Avenue indeed does end up with the over 100-years-old Variety, it would likely contract out the paper’s back-end operations to AMI.

From there who knows what will happen. It’s worth wondering if Variety would eventually be blended into another AMI brand, which include the National Enquirer, Star, Men’s Fitness and Shape.