Variety, known to many as the bible of Hollywood is up for sale. It is one of the entertainment industry’s most respected and oldest sources of trusted information. Current owners Reed Business Information announced the trade paper would be sold.
The company said they were selling the paper as part of their plan to divest all of its business magazines in the U.S. The company is focusing more on data services and with the sale of their other U.S. magazine, it was inevitable the Variety would finally go up for sale. Variety first was published in 1905 in New York.
It was originally a weekly magazine for the entertainment trade. It became a daily publication in 1933 in Los Angeles. It currently has a website and covers movie and TV reviews, business deals and box-office data. It also deals in the entertainment industry around the globe. However, of late it has faced competition from other trade rivals such as Deadline Hollywood, The Hollywood Reporter and The Wrap.
In addition, websites covering entertainment news for free also have taken away business. One source close to the paper said the sale had nothing to do with Variety’s financial status. Neil Stiles, the president of the papers said on Friday he was confident new ownership would help the paper to thrive and remain innovative.
