VARIETY REPORTS: IT’S UP FOR SALE

Variety scooped its rivals today (Friday) when it became the first to report that it is being sold. The trade paper said on its website that its owner, Reed Business Information, has decided to sell it as part of a divestment of of its U.S. business magazines, which began three years ago with the aim of narrowing its focus on data services. Over the past three years, RBI, a division of Reed Elsevier, has sold or closed down more than two dozen trade publications, most of them in the U.S. In a statement, Mark Kelsey, CEO of RBI, said: “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.” Variety President Neil Stiles added that he has “every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector.”