Destroyed By Blogs, "Variety" Magazine Will Sell ... - Business Insider

In case you need another example of the digital missile that has slammed into the traditional media world, check out Reed Elsevier's ongoing attempts to sell Variety magazine.

Variety, you will recall, used to rule Hollywood.

Now, its price has been chopped to less than $30 million, Keith Kelly of the New York Post reports.

That's less than AOL paid for a tech blog, TechCrunch, a couple of years ago.

Why have Variety's fortunes deteriorated so badly?

Digital competition.

Specifically, sites like Nikki Finke's Deadline, TheWrap, and a host of new entertainment-related properties that are eating Variety's lunch.

Variety has tried to protect itself with a paywall, but judging by the price, that hasn't worked.

What's left of Variety may now be sold to the company that owns Deadline and other upstart sites, Jay Penske's Penske Media Corp.

Keith Kelly has more >

Source: http://www.businessinsider.com/variety-magazine-sale-2012-9

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