RBI puts Variety up for sale
Los Angeles—Reed Business Information has put its century-old entertainment industry brand Variety on the block.
RBI CEO Mark Kelsey was quoted in a story on the Variety website as saying: “Variety is an iconic title serving the film and entertainment industry for more than 100 years. With RBI's increasing focus on data services, and the sale of our other U.S. print magazines, it now makes sense for us to sell the business. Variety has an incredibly talented team who have successfully innovated and expanded the franchise in industry news and analysis. I have no doubt the business will continue to thrive under new ownership.”
Variety President Neil Stiles was quoted in the same story: “I have every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector.”
Variety, whose flagship magazine debuted in 1905, is one of the few b-to-b media brands to have a paid-content model on the Web. Last year it introduced new online features such as its breaking news blog, Showblitz. As part of its strategy to provide more data tools, Variety in June acquired TVtracker, a research company that follows U.S. filmed entertainment.
“I think Reed Elsevier has decided it doesn't want to be in the magazine business anymore,” said Mike Parker, managing director of AdMedia Partners.
Regarding the outlook for a sale, Reed Phillips III, managing partner of DeSilva & Phillips, said, "The market seems to be rebounding along with the U.S. economy. I think the pool of potential buyers is much larger today than any time in the past three years."