A trade magazine that has been covering the entertainment business for more than 100 years has been put up for sale, reports Nat Ives in Advertising Age.
The attempt to sell Variety follows owner Reed Elsevier’s failed attempt in 2008 to find a buyer for the publication.
Reed, which owns the LexisNexis database and the "Gray’s Anatomy" textbook, said it wants to focus on data services, the piece notes. The company closed 23 publications in 2010 and has sold others, including Publishers Weekly and B&C.
Variety has more than 100 employees. Reed Elsevier bought Variety in 1987, and recently the business has faced increased competition from online news publications such as Deadline.com and TheWrap.com, the piece points out.
Reed failed to find a buyer willing to pay its asking price in 2008, the story adds. The magazine was founded in New York in 1905.