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Variety is sold for about $25 million

Penske Media has acquired show business publication Variety. The company already owns one of Variety's fiercest competitors, the online-only trade Deadline.com. Variety has been a Hollywood must-read and a global show business symbol for more than a century, famous for its snappy lingo and its breathless coverage of entertainment industry news.

Variety's future looks bleak

Once a must-read for Hollywood insiders, the 107-year-old trade publication has been bypassed by Deadline, Hollywood Reporter and the Wrap. I once asked a famous producer how he first became fascinated with Hollywood. His answer? "When I was 14, I got a subscription to Variety." And no wonder.

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