Rumor: Bloomberg, Apollo Management Interested in Variety

Bloomberg LP and Apollo Management  — an investment firm which owns several prominent companies, such as CKX, the producer of “American Idol” — are rumored to be mulling buying Variety.

Bloomberg and Apollo have the funds to take on a paper that doesn’t generate much — if any — profit, and both have interest in the publishing world; Bloomberg has its several publications and Apollo once considered purchasing AMI. However, according to The New York Post, it seems the most likely buyer will be someone trying to impress their current friends and gain new, famous ones:

Industry sources say the more likely suitor is a wealthy vanity buyer, who has tens of millions to spare and could use Variety as a springboard to land on Hollywood red carpets.

Rich people are so damn cunning.

Recommended articles