Reed Elsevier sells off Variety

Hollywood trade magazine Variety has been sold by British publishing firm Reed Elsevier to US online publisher Penske Media Corporation for a sum believed to be around $25m (£15.6m). Reed Elsevier said in March that it would put the publication that has covered Hollywood for over a century up for sale after the paper had been making substantial losses. Penske Media already owns Deadline.com, a website for showbusiness professionals.