Monday, September 24, 2012

Variety Going Green

Media, ever-changing media.

The L.A. Times informs us that Penske -- the owner of Deadline Hollywood -- is making a hard run at Daily Variety:

Penske Media Corp., the owner of Deadline and six other online properties, is now the leading bidder for Variety, ... according to two knowledgeable people not authorized to discuss the matter publicly.

The company, led by Jay Penske, the 33-year-old son of automobile magnate Roger Penske, could close a deal to purchase the paper in the next three weeks for around $30 million ...

But the most interesting wrinkle (to me) is that most of the purchase is being financed by Shamrock Capital Advisors, a private equity firm that began life in 1978 as the private investment company of Roy E. Disney and family. (Then, of course, there is the related entity of Shamrock Holdings.)

You remember Roy, don't you? Nephew of Walt? The man who pushed Michaael Eisner out of the high seat at the Disney Co.? It's interesting how his company is now going after specialized media companies.


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