"We were delivering a print product telling you stories you've already read on our Web site. Financially, it didn't make sense," said publisher Michelle Sobrino.
Revenue at the Daily Variety came to $6 million in 2012, a sharp drop from the $30 million it made in 2006, the Los Angles Times reported.
The 80-year-old daily, a favorite of entertainment executives, movie stars and publicists, will be put on the shelf, while the company's Web site gets a makeover and the 108-year-old weekly publication Variety gets an overhaul as well, the Times said.
"We want to dedicate ourselves to producing a print product that this industry wants to read. You're going to see Variety have a point of view and much deeper analysis," Sobrino said.
The company that competes with The Hollywood Reporter and Deadline Hollywood for movie industry scoops and trade information is owned by billionaire Roger Penske, the auto parts mogul. His son, Jay Penske, is orchestrating the overhaul of the company.
CBS Corp. Chief Executive Officer Leslie Moonves said he had "a 30-year habit," of staring his day with the Daily Variety and a cup of coffee.
"Now in the morning it'll just be me and my BlackBerry," he said.
Celebrity Couples of 2014 [PHOTOS]