HOLLYWOOD (CBSLA.com) — Variety, a Hollywood trade paper, has been acquired by Penske Media Corp. and the hedge fund Third Point, it was announced Tuesday.

The Santa Monica-based digital media and publishing company already owns Deadline.com, a dominant news source website for show business professionals.

“Since 1905, Variety has been the world’s premier entertainment news source, and is today one of the most recognized global media brands,” Chairman and Chief Executive Officer of PMC, Jay Penske, said in a press release. “We are thrilled to welcome Variety and its exceptional team into the PMC organization. As part of this significant acquisition, we plan to rapidly build upon Variety’s foundation while extending this invaluable brand’s presence across the web, broadcast, mobile, and international markets.”

Penske said he will keep Deadline and Variety separate and distinct entities, according to the Los Angeles Times.

“Deadline.com’s supremacy in breaking news, and Variety’s extraordinary content and industry analysis, coupled with readership that combines key industry decision makers and influencers, creates a compelling value proposition for our partners and advertisers,” SVP Entertainment Sales at PMC, Nic Paul, said in statement.

Variety was purchased from Reed Business Information.

“PMC is uniquely positioned to preserve and build the market presence of Variety. Their shared values and complementary assets provides for many new opportunities for the business model and brand,” President of Variety, Neil Stiles, said.

(©2012 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)


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