Subscription site Variety - and its print publication - was bought this past Tuesday for $25 million by Penske Media Corp., owned by Internet entrepreneur Jay Penske. The site was initially valued at $50 million by its parent company, Reed Elsevier. But in its heyday, the site turned down $350 million offers. Thus, even though the site has 17,000 paying subscribers, The New York Times called the recent deal a "firesale" and paidContent surmised that the low…...
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