Penske Media Corp., the parent company of Variety and Deadline, is in talks that may lead to the purchase of rival showbiz publication The Hollywood Reporter, reports Joseph Kapsch of Los Angeles Magazine.
Kapsch reports, “A top-level executive close to the situation tells Los Angeles that talks concerning a potential deal between PMC and The Hollywood Reporter‘s parent company, Valence Media, are in their early stages.
“If acquired by PMC, The Hollywood Reporter would become a sister publication to its current rivals Variety and Deadline Hollywood, leaving TheWrap as the only major Hollywood business publication or “trade” not owned by PMC chairman and CEO Jay Penske. The 41-year-old media mogul, son of Roger Penske, has spent the past decade building his L.A.-based media company into a formidable powerhouse that owns Rolling Stone, Robb Report, Indie Wire, ARTNews, and a host of other high-profile entertainment and cultural titles.
“It’s unclear if Valence’s other trade publications would be included in a PMC deal. But insiders say that Valence, which also owns the television and film production companies MRC and Dick Clark Productions, has been quietly shopping its media titles to concentrate on its core properties.”
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