Penske Media Corp (PMC) have completed a deal with Reed Business Information (RBI) to acquire the Variety brand.

The deal concludes a sale process that began in March this year when RBI put the Variety group of assets up for sale as part of its efforts to move away from an advertising-dependent business model.

"Since 1905, Variety has been the world's premier entertainment news source and is today one of the most recognized global media brands," Penske said. "We are thrilled to welcome Variety and its exceptional team into the PMC organization. As part of this significant acquisition, we plan to rapidly build upon Variety's foundation while extending this invaluable brand's presence across the Web, broadcast, mobile and international markets."

In recent years, Variety has expanded beyond its core print business to include data services and a conference series. The deal will see PMC take over the Variety Insight data business – encompassing the Variety Archives, TVTracker and Flixtracker – and the LA 411 industry resource guide, as well as the print business.