Hollywood's Variety Goes Up for Sale

Owners put trade paper on block to focus on alternative media
By Polly Davis Doig,  Newser Staff
Posted Feb 22, 2008 12:39 PM CST
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)
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(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%.