A couple of days ago, Penske Media and Third Point acquired Variety for $25 million. Recently Jay Penske, the owner of Penske Media, decided to visit Variety’s offices on Wilshire Blvd. to talk about the future of the company. The town hall meeting happened in front of 80 staffers and took place on the 28th floor of the building.
Penske’s biggest decision was to cancel Variety’s pay wall so that more than a small group of subscribers can get access to their content. Mr. Penske also said that Variety’s print publications will continue to live on for now. He added that Penske Media will continue to invest more in Variety’s digital platform and expand their editorial reach.