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Variety to Sell for Less Than $30 Million

You know print is on its way out when a newspaper like Variety is having trouble being sold. There was a time when the title was a big brand, but those days are long gone.

According to The New York Post, Variety’s parent company has been forced to cut the asking price below $30 million. This comes after both finalists in the bid to acquire the paper — Penske Media Company and Avenue Capital — balked at the initial price tag of between $30 and $40 million. Variety’s parent is also offering seller financing in the hopes that it will coax one of the companies into buying.

The leader to buy Variety was once thought to be Avenue, but now the Post says it’s Penske. Seems like neither one actually wants the paper, doesn’t it?

Mediabistro Event

“Vine: Create Quick Social Video to Market Your Brand” Webcast is Today at 4 pm ET

Bring your Twitter efforts and information to life with this popular video app. Find out how in our Vine webcast taking place today, June 19, from 4-5 pm ET. Gemma Craven (left), EVP, New York group director of Social@Ogilvy, will discuss how her team has created interactive videos for brands to get their message heard. Register soon.