FishbowlDC TVNewser TVSpy LostRemote AgencySpy PRNewser GalleyCat SocialTimes

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.

The reporters go on to speculate about the reasons why a Variety deal might be very good for Penske and Deadline founder Nikki Finke. Read their full report here.

Previously on FishbowlLA:
Variety-Avenue Capital Deal is Stalled
BREAKING: PMC’s Jay Penske Arrested, Charged in Nantucket

Mediabistro Course

Middle Grade Novel Writing

Middle Grade Novel WritingStarting January 15, work with a literary agent to write your middle-grade novel! In this course, you'll learn how to develop strong characters, write compelling dialogue, master the art of revision, and market your work to publishing houses and agents. Register now!