Hollywood's 107-year-old industry trade publication Variety and 6-year-old online competitor Deadline, headed by editor Nikki Finke, may soon be housed under the same corporate roof.
Penske Media Corp., the owner of Deadline and six other online properties, is now the leading bidder for Variety, partnered with private equity fund Shamrock Capital Advisors, according to two knowledgeable people not authorized to discuss the matter publicly.
The company, led by Jay Penske, the 33-year-old son of automobile magnate Roger Penske, could close a deal to purchase the paper in the next three weeks for around $30 million, one of the people added.
Billionnaire supermarket magnate Ron Burkle dropped out of the bidding for Variety late last month. The other leading contender has been New York hedge fund Avenue Capital, owner of the National Enquirer. However, both Avenue and Burkle submitted bids of less than $25 million, said two people close to the sales process. A spokesman for Avenue declined to comment.