Variety Magazine is for sale

From The Seattle Times:

Variety, a trade magazine that has covered Hollywood for more than 100 years, is up for sale.

Its owner, Reed Business Information, announced the decision Friday in a story on Variety’s website.

Reed Chief Executive Mark Kelsey says it makes sense to sell the business just as Reed has sold its other U.S. print magazines. He said Reed is increasingly focused on data services.

Variety has encountered stiff competition in covering the business of Hollywood from websites such as Deadline and The Wrap, as well as Hollywood Reporter, its longtime rival that was revamped in 2010 under new ownership.