News Corp’s The Daily says that Variety owner Reed Elsevier is looking to sell, and has talked to Jay Penske, who owns Deadline.
“He is working on a deal, and the numbers seem consistent based on online and print and profits,” an anonymous source told the Daily.
Variety Group president Neil Stiles: “Nonsense, and you can quote me.”
And Stiles again, to FOLIO this time: “I heard this rumor, too. Not sure how to respond politely so NONSENSE is the best I can come up with. Variety is categorically not for sale.”
Reed Elsevier put Variety on the block in 2008 as part of a package of 65 magazines. The package didn’t sell, so Reed split up the magazines and sold many of them piecemeal. Variety is just one of four magazines Reed held.