Penske scion builds a new kind of empire
Jay Penske: Adds Variety
Just as Roger Penske built an empire of dealerships and other automotive interests, his son has been building a stable of media properties.
Jay Penske, 33, Roger Penske's youngest son, has announced a deal to buy Variety from international media company Reed Elsevier. Variety -- think of it as the Automotive News of the entertainment industry -- sold for $25 million, Bloomberg reported. The figure was not confirmed by the buyer or seller.
Variety, which was founded in 1905, is famous for, among other things, its October 1929 headline "Wall St. Lays An Egg."
The title will add to the group of companies under Los Angeles-based Penske Media Corp., among them Deadline.com, MovieLine.com, OnCars.com, HollywoodLife.com, Fan.com, TVline.com and MailTimes.