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Variety Purchased by Penske Media for $25 Million

Variety has finally been purchased. According to The Los Angeles Times, Variety has been acquired by Penske Media, and its financial baker, Third Point, a hedge fund. The price? A cool $25 million. As with any major media purchase, there are bound to be some changes at the 107-year-old paper. However, Jay Penske, CEO of Penske, didn’t have many details to share about the future of Variety and its staffers.

“”We are not buying Variety to gut the newsroom,” Penske told the LA Times. “We are buying the business to build it. Are there going to be changes? Yes. Do we want to reduce our dependency on print revenues? Yes. How quickly that can happen, we’ll know more in the coming months.”

The buy is sort of ironic, given that Penske operates brands like Deadline.com and The Hollywood Reporter, which seemed to have sped up Variety’s downfall.

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