Penske Buys Variety, Also Owns Deadline ⇒

I’ll keep this brief. Here’s Anne Thompson:

Jay Penske, 33, told the LATimes that he intended to turn Variety, which has a staff of about 120, back into a must-read that is “absolutely fundamental and indispensable.” He did not detail what he wanted to do with the paper, but said that for now Variety and Finke’s Deadline will proceed to operate separately with some possible overlap in writers.

For now.