Report: Burkle is leading contender to buy Variety

variety2.jpgIf the deal goes through, the billionaire investor is expected to pay about $40 million for the Hollywood trade, the LAT is reporting, citing sources. Variety's parent, Reed Elsevier, was seeking more than $50 million. Burkle has been dabbling in Hollywood investments through Y Entertainment Group, a division of his Yucaipa Co. firm. From the Times:

His deals have included buying a significant stake in and leading a round of debt financing for independent studio Relativity Media; partnering on the purchase of certain movies with the Weinstein Co.; buying concert promotions company Artist Group International; and acquiring Soho House, a series of luxury clubs popular with the Hollywood elite. It's not clear what Burkle's plans for Variety might be, or whether he would attempt to integrate it with Y Entertainment's assets.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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