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Posts Tagged ‘Marc Lasry’

Report: Penske, Lasry Circling Discounted Variety Sale Price

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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Report: Variety-Avenue Capital Deal is Stalled

The New York Post has been doing a good job of keeping tabs on the ongoing saga of Variety’s sale. This morning, the paper suggests that Avenue Capital Group’s outlook has been changed somewhat by the due diligence process:

Sources tell Page Six that when Avenue’s bean counters recently ran Variety’s numbers on the deal, they wound up lowering their bid. “Everyone’s been balking at the price,” a Hollywood insider familiar with the sale told us, adding, “another problem is that [any new buyer] will then have to put money into it immediately, to bring Variety into the modern age.”

The Post also claims that while Ron Burkle is officially out, PMC’s Jay Penske is “still circling.” Hear that, Variety gang? Nikki Finke and Mike Fleming could still possibly become colleagues.

Previously on FishbowlLA:
Report: Variety’s New Owner is… Avenue Capital

Report: Variety’s New Owner is… Avenue Capital

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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Barbara Walters, Harold Ford, Jr. and Bravo’s Chris March

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We could barely keep up with the steady stream of A-listers who poured into Michael’s today. When we arrived a little before noon, there was a handful of power brokers quietly hunkering down to business over their Cobb salads in the back of the room. By the time Bravo’s latest star, designer Chris March arrived with Jennifer Geisser, the network’s senior vice president of communications, and publicist Alana McElroy, there was a palpable party vibe in the dining room.  Late arrival Harold Ford, Jr. worked the room like nobody’s business while social swans Muffie Potter Aston and Suzanne Johnson doled out air kisses like they were candy.

While it was a little hard to hear over the chattering crowd, I thoroughly enjoyed dishing with Chris, whose new show, Mad Fashion, premiered Tuesday night on Bravo. Chris, you might recall was a finalist on Project Runway. (Christian Siriano was the winner that season). His quirky couture and good natured personality ( gotta love that laugh!) made him a fan favorite. Chris tells me when Bravo’s resident boy wonder, Andy Cohen, got wind he was shopping a show around, he got in touch with Chris and insisted Bravo see it first. The deal was done in a matter of days.

Unlike most of those ubiquitous Bravolebrities, Chris isn’t into the fame game. “I didn’t do either show to get famous,” he tells me. “I did it to get to do the type of work I wanted to do.” Things have worked out pretty well on that score. On the Wednesday before the I Heart Radio concert in Las Vegas, Chris got a call from Lady Gaga’s office requesting he make something fabulous for her appearance at the show. In less than a week, he delivered the studded motorcycle cape she wore on stage. “That wouldn’t have happened without being on television.” Maybe, but the guy has definitely got it.  This is the same man who made Meryl Streep‘s last Oscar dress at his kitchen table. His secret weapon: a drama-free attitude when dealing with people who live and die for style.

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