#Penske Media paid $225M for 80% stake in Hollywood Reporter parent
“#Penske Media paid $225M for 80% stake in Hollywood Reporter parent” Wednesday’s merger of the publishers behind two rival Hollywood magazines — The Hollywood Reporter and Variety — was billed as a joint venture. But Media Ink has learned that Variety owner Penske Media Corp. (PMC) paid about $225 million to control 80 percent of…