Showbiz Daily 'Variety' Sold To Penske Media

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.

Copyright © 2012 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

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.

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