Report: Burkle is leading contender to buy Variety

If 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.