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?