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September 5, 2008 8:47:33 PM CDT

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Hollywood's Variety Goes Up for Sale

Posted Feb 22, 08 12:39 PM CST in Arts & Living,  Business 

(Newser) – Hollywood trade paper Variety is on the auction block, the Los Angeles Times reports. Anglo-Dutch owner Reed Elsevier is selling a publishing operation that produces the 103-year-old Variety and hundreds of other titles, including Publisher's Weekly. The sale is part of Reed Elsevier's strategy to ditch advertising-dependent publications to focus on subscription-based offerings and information services less vulnerable to downswings. 

The decision to sell is no reflection on the performance of the showbiz paper that's been breaking Hollywood scoops since the days of vaudeville, said a statement from Reed Elsevier. Variety puts out both daily and a weekly editions, as well as a web site. Advertising in the print editions fell last year, but online advertising jumped 82%.

Source Los Angeles Times

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Variety has been chronicling showbiz goings-on since the days of vaudeville. The Hollywood 'trade paper' is known for using its own lingo and coming up with snappy headlines like "Hicks Nix Sticks Flicks."...   (Associated Press)
"We've taken the decision to get into less cyclical markets where there's less exposure to advertising," spokesman Patrick Kerr said.   (Variety.com)
ChoicePoint Inc. headquarters is pictured in this file photo from Jan. 26, 2006. ChoicePoint Inc. is being acquired by Reed Elsevier PLC, a London-based educational publisher and parent of the LexisNexis...   (Associated Press)
Variety, the trade paper that's been breaking Hollywood scoops for more than a century, has been put up for auction by its owners.   ((c) BigMcGuire)
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