Variety Purchased by Penske Media for $25 Million
Variety has finally been purchased. According to The Los Angeles Times, Variety has been acquired by Penske Media, and its financial baker, Third Point, a hedge fund. The price? A cool $25 million. As with any major media purchase, there are bound to be some changes at the 107-year-old paper. However, Jay Penske, CEO of Penske, didn’t have many details to share about the future of Variety and its staffers.
“”We are not buying Variety to gut the newsroom,” Penske told the LA Times.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in