"Variety is an iconic title serving the film and entertainment industry for more than 100 years," said Mark Kelsey, chief executive of Reed Business. "With RBI's increasing focus on data services, and the sale of our other U.S. 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."
The New York Times said the decision comes as the newspaper faces fierce competition from other entertainment news outlets, particularly on the Internet.
Variety, founded in 1905 by publisher Sime Silverman, is the only remaining daily print publication devoted to entertainment industry coverage, the Los Angeles Times said.