Variety Sold

The company that owns Deadline has purchased Variety. Ben Fritz reports: "The fact that Penske, a digital media company headed by Chief Executive Jay Penske, won a nearly seven-month long auction held by Variety's British owner Reed Elsevier signifies how dominant a force the Internet has become in Hollywood. While Variety competes online, its five-day-a-week daily edition and weekly magazine are no longer the must-reads in Hollywood that they once were." Fritz talked with the head of Penske about his plans for Variety. Chuck Ross has analysis.