In two unrelated sales, Variety has been acquired by Penske Media Corporation (PMC) and Revolution Capital Group (RCG) has purchased the Tampa Tribune. Variety, which has been published since 1905, is one of the most well-established entertainment trade magazines in existence.
The companies didn’t disclose the terms of the deal, but PMC’s acquisition of the publication adds to its existing digital media and publishing holdings. Some of those holdings include Movieline, Deadline.com, PMC Studios, and The Style Awards.
In a separate sale, RCG bought Media General, Inc.’s final newspaper holding, the Tampa Tribune, for $9.5 million (before $2 million in expenses).
In a statement about the sale, Marshall Morton, president and CEO of Media General said:
We believe our future prospects are strong, based on operating 18 top-ranked local television stations in growing and important markets, mostly in the Southeast. In addition, our financial position was greatly strengthened this year as a result of our new financing arrangement with Berkshire Hathaway.
The sale of the Tribune marks Media General’s full transition to a purely broadcast television and digital media company.