US entertainment industry daily 'Variety' for sale
LOS ANGELES: The publisher of respected Hollywood daily Variety said Friday it is selling the top entertainment industry title, as part of its move out of the US business magazine sector.
Mark Kelsey, chief executive of Reed Business Information (RBI) — a unit of Reed Elsevier Group PLC — said the group has been divesting itself of its other US business magazines over the past three years.
"Variety is an iconic title serving the film and entertainment industry for more than 100 years," he said of the magazine, which has struggled in recent years to cope with online and other competition.
"With RBI's increasing focus on data services, and the sale of our other US print magazines, it now makes sense for us to sell the business," he said, in a statement run by Variety itself.
"Variety has an incredibly talented team who have successfully innovated and expanded the franchise in industry news and analysis. I have no doubt the business will continue to thrive under new ownership," he said.
The daily, founded in 1905, has had a long rivalry with the Hollywood Reporter, but the digital era has brought many other competitors into the game, forcing it to revamp, including raising a paywall in 2010.
Variety President Neil Stiles added: "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, Variety is at the heart of the industry.
"I have every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector," he said.