It's the end of an era for Variety, a daily and weekly print publication that has been reporting on the entertainment industry since 1905. Penske Media Corp., a digital media company that also owns online industry news site Deadline Hollywood, announced Tuesday that it had acquired Variety from British publisher Reed Elsevier.
Penske didn't disclose terms, but the Los Angeles Times reports that Variety's price tag was around $25 million.
What the deal means for Variety's staff and editorial direction is unclear.
Leo Wolinsky, a 32-year veteran of the Los Angeles Times and editor of the Daily Variety in 2010, was frank about the challenges Penske will face when it begins revamping the atrophying trade paper.
In a phone interview with The Huffington Post, Wolinsky described Variety at its worst as a "bulletin board" for talent agencies and other parts of the entertainment industry to place announcements.
"Variety needs a lot of work," said Wolinsky. "What they really lack are the deeper analysis pieces, the investigative pieces. They do some of that now, but it's generally confined to the Weekly Variety."
Another issue is that the Daily Variety is no longer a must-read for people in the entertainment industry. As with other print publications, news stories that eventually make it to press have already been published on competitors' online sites or on Variety's.
To solve the problem, Wolinsky predicted that Penske will eventually end the Daily Variety publication and move it online, where other outlets like Deadline Hollywood, The Wrap, The Hollywood Reporter, Vulture and the LA Times have been competing for years.
"The competition has a lot more of that journalistic spirt -- digging into stories and finding a tough angle," said Wolinsky. "They don't look like they're simply pandering."
Still, keeping the Weekly Variety for in-depth analyses and print ad revenue, much like what The Hollywood Reporter did after its major revamp in 2010, would be a smart move for Penske, said Wolinsky.
Print ads, especially awards season ads, remain fairly lucrative and are still Variety's main source of revenue, Wolinsky said. "While digital revenue is growing, it's still dwarfed by what you'd get on a print ad."
In a memo to colleagues, Deadline Hollywood film editor and former Variety reporter Michael Fleming made similar predictions. "I am relieved to see the publication get an opportunity to be reinvigorated," wrote Fleming. "I would be surprised, for instance, if Variety continues behind a pay wall, or continues to exist in its current form as a daily and weekly print publication."
In the past, Deadline Hollywood's editor-in-chief Nikki Finke has publicly aired her disagreements with Variety and its editorial director, Peter Bart. A story from 2009 reads:
Sure, I take shots regularly at Variety (as part of my ongoing “Your (Un)Trustworthy Trades” campaign) but only infrequently at Peter Bart (my unfortunate term for him was “Hollywood’s buttboy”).
Penske's acquisition agreement stipulates that Finke not be involved in Variety's editorial decisions for one year, reports The Wrap's Sharon Waxman, and that clause is apparently creating tension between her and Penske.
"She's having a major tantrum because he won't give her the keys," an unnamed source told The Wrap.
Finke did not publicly comment on her employer's acquisition of a direct competitor by this story's publish time.
Jay Penske, 33-year-old owner of the media company, told the LA Times that while Variety and Deadline's staff will remain "editorially independent," he sees "an incredible opportunity for future collaboration." He also got a bit sentimental during the interview, vowing to continue Variety's "legacy:"
Anyone who knows me, knows I have a great reverence for things that stand the test of time -- particularly great authors, journalists, and books. Variety is a brand that the entire PMC organization respects, and a publishing business that I have admired for most of my life. As I have told Reed Elsevier, we at the Penske Media Corp. look forward to continuing the legacy of Variety.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.