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