"I have every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector," says Variety President Neil Stiles.
From Mark Kelsey, CEO of parent Reed Business Information, which has been selling off its other magazines:
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 US 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.