Well, the early reports are true. After seven months of negotiations, Penske Media Corp., backed by hedge fund Third Point, has won 107-year-old trade paper Variety for $25 million. Just months ago Variety was thought to be worth $50 mlllion, which was still substantially lower than its pre-recession peak value. Jay Penske, 33, outbid New York Hedge Fund Avenue Capitol and supermarket mogul Ron Burkle.
- By Anne Thompson
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- October 9, 2012 12:14 PM
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- 0 Comments
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