Variety magazine's parent company Reed Business Information (RBI) announced on Friday that it has started the process of selling the iconic entertainment news publication.
RBI CEO Mark Kelsey said, "For more than 100 years, Variety has been the leading source of information and analysis for the entertainment industry. It continues to hold that position, and with its talented staff and far-reaching relationships, is at the heart of the industry."
Kelsey said that it was time for the parent company to sell Variety as RBI has increased its focus on data services.
It was rumored in April 2011 that RBI was interested in selling Variety and talked to Deadline owner Jay Penske. At the time, Variety Group CEO Neil Stiles called the rumor "nonsense."