Jay Penske Buys Variety Entertainment Magazine From Reed

Jay Penske Buys Variety Entertainment Magazine From Reed

Darron Cummings/AP Photo

Jay Penske, on right, watches practice at the Indianapolis 500 auto race at the Indianapolis Motor Speedway on May 17, 2012. Penske agreed to buy Variety magazine to add to his stable of entertainment websites such as Deadline Hollywood and Movieline.