The co-owner of The Hollywood Reporter is one of two final bidders for Variety, reports the New York Post.
Jimmy Finkelstein, through his role as chairman of Prometheus Global Media, is one of the suitors for the entertainment trade publication, with the second bidder being billionaire Ron Burkle, the story notes.
Prometheus, formed by Guggenheim Partners and Finkelstein’s Pluribus Capital Management, bought The Hollywood Reporter in 2009, and afterwards scrapped its daily version and focused on its weekly edition and website, the story notes.
It’s possible that Prometheus, if it succeeds in its bid for Variety, could do the opposite: keep Variety’s daily publication and merge its weekly with The Hollywood Reporter, the piece adds.
Variety’s daily circulation was 23,655 in September 2011, while its weekly was 21,594. The Hollywood Reporter’s weekly publication had a circulation of 72,007 in March 2011.