Variety Sold to Deadline.com Owner Penske Media
After months of courting offers, Variety has finally settled on a buyer. Penske Media, backed by private equity firm Third Point, will acquire the trade publication for approximately $25 million.
Jay Penske told the Los Angeles Times that Nikki Finke will not be involved in running Variety, and that the publication will be operated separately from Deadline.com, though staffers may contribute to both. TheWrap hears from insiders that Finke is “having a major tantrum” because Penske will not give her a role in running Variety.
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