Variety Acquired By Movieline's Parent Company Penske Media Corp

Variety, the old-media show-business trade publication founded in 1905, has been acquired by  Movieline's new-media parent company, Penske Media Corp. (PMC)  The deal was announced today by PMC Chairman and Chief Executive Officer Jay Penske and Variety's seller, Reed Information, a division of Reed Elsevier. For some insight into what the deal will mean,  check out this report by Deadline's Mike Fleming, who spent 20 years at Variety before joining PMC.  The announcement of the sale can be found after the jump.