Variety Bought by Deadline.com

Deal valued at about $25 million

After more than a century of reporting on show business with a mix of quirky headlines and insider gossip, Variety is being acquired by the owner of the six-year-old Hollywood website Deadline.com for about $25 million.

Penske Media Corp., with backing from activist investor Dan Loeb's Third Point hedge fund, is buying Variety and Daily Variety from Reed Elsevier PLC in a deal that symbolizes how once-mighty print publications are being vanquished by Web rivals.