Variety was one of just four magazines kept by Reed Elsevier after it sold off more than 60 different properties over the last three years. Now, a report from News Corp.’s The Daily says Reed is talking to Jay Penske, owner of Internet media properties including the Bonnie-Fuller-led HollywoodLife, Deadline and Movieline.
In 2008, Reed Elsevier had put Variety on the block before the recession hit, but chose to hold onto Variety and three other titles. In 2009, Reed had sold the majority of its U.S. based trade magazines. Reed chose to sell the titles due to the losses in revenue, attributing this to a 29 percent decrease in advertising dollars.
Neil Stiles, president of Variety, has denied this, telling FOLIO:, “I heard this rumor, too. Not sure how to respond politely so NONSENSE is the best I can come up with. Variety is categorically not for sale.”