NEW YORK, October 10, 2012: Reed Elsevier Group plc, a leading global provider of professional information solutions to the science, medical, legal, risk management and business-to-business sectors, has announced the sale of its widely recognized entertainment news business, Variety, to Penske Media Corporation (PMC). Debt and equity financing for the transaction was provided by affiliates of Third Point LLC. Terms of the asset purchase agreement were not disclosed.
Variety, which had operated within the Reed Business Information division, has been the premier source of entertainment news since its 1905 inception. The Variety business consists of Daily Variety, Weekly Variety, a Conferences & Events division, as well as Variety.com's searchable archives, interactive box office charting, credits database, film and television data business, industry calendar, and reviews dating back to 1914. Los Angeles-based PMC, which was launched by Jay Penske in 2004, is a leading digital media and publishing company.
Morgan Lewis served as legal adviser to Reed Elsevier on the transaction. The Morgan Lewis deal team was led by Business & Finance partners Charles Engros and Robert Dickey and included Business & Finance associates Andrew Mariniello, Danielle Davis, Jason Fletcher Thompson and Gary Clarke and Litigation practice senior counsel Henry Horbaczewski.For more information, please see Reed Elsevier's press release.