NPR logo

Showbiz Daily 'Variety' Sold To Penske Media

  • Download
  • <iframe src="https://www.npr.org/player/embed/162618849/162618887" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Showbiz Daily 'Variety' Sold To Penske Media

Business

Showbiz Daily 'Variety' Sold To Penske Media

Showbiz Daily 'Variety' Sold To Penske Media

  • Download
  • <iframe src="https://www.npr.org/player/embed/162618849/162618887" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Penske Media bought the 107-year-old magazine for $25 million. Unlike its longtime competitor, The Hollywood Reporter, Variety has had trouble making the switch to digital media.

RENEE MONTAGNE, HOST:

And staying here in California, our last word in business is lights, camera, sold.

The sale of Variety is officially a wrap. The venerable 107-year-old show biz daily has been bought for $25 million by Penske Media, the owner of Variety's upstart online rival Deadline.com. Like its longtime competitor, the Hollywood Reporter, Variety has had trouble making the switch to digital media, but it still turns a profit. So in the language that Variety helped make famous, Penske seems to believe this deal will be boffo and not a flopola.

And that's the business news on MORNING EDITION from NPR News. I'm Renee Montagne.

STEVE INSKEEP, HOST:

Flopola?

MONTAGNE: That's a word. They used it. They use it...

INSKEEP: OK.

MONTAGNE: ...every day on the front page.

INSKEEP: All right. I'm Steve Inskeepo.

Copyright © 2012 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.