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September 25, 2012 by · Leave a Comment 

Penske Media Corp., which owns Nikki Finke’s has become the leading bidder for Variety, the 107-year-old daily record of the entertainment industry, the Los Angeles Times reported today (Tuesday), citing two knowledgeable people not authorized to discuss the matter publicly. The Times said that Reed Elsevier, the current owner of Variety was likely to accept a bid of $30 million from Penske, who, partnered with Shamrock Capital Advisors, has outbid an offer of less than $25 million from the other leading contender, New York hedge fund Avenue Capital, owner of the National Enquirer. In reporting on the deal, the Times commented that it would “mark a shift in power in the world of showbiz insider news.” While the Times indicated that Penske plans to keep the Variety and Deadline brands distinct, some degree of integration will no doubt materialize.