Reed Elsevier, looking to unload the 107-year-old title, its last remaining North American trade magazine, has been forced to cut Variety‘s asking price by more than 25% and offer “seller financing” to close the deal. The publishing giant hopes the moves entice one of the two remaining serious suitors, Jay Penske’s Penske Media Corp. or Marc Lasry’s Avenue Capital, to cross the finish line.
New York billionaire Marc Lasry’s Avenue Capital has emerged as the front-runner to take control of Hollywood trade Variety. Variety’s parent company, Reed Elsevier, has accepted the hedge fund’s bid for between $30 million and $40 million, a source close to the talks says. Barring a last-minute challenge, a deal could be announced as early as this week, the source adds.