MUMBAI: Variety, one of Hollywood?s oldest trade paper of the entertainment industry, is being put up for sale. The move on part of the owners Reed Business Information (RBI) comes as part of the publishers? efforts to divest its US business magazines over the past three years.

"With RBI?s increasing focus on data services, and the sale of our other US print magazines, it now makes sense for us to sell the business," Reed Business Information chief executive Mark Kelsey said in a statement. "Variety has an incredibly talented team who have successfully innovated and expanded the franchise in industry news and analysis. I have no doubt the business will continue to thrive under new ownership."

Launched in New York in 1905 as a weekly entertainment-trade magazine, Variety turned into a daily edition in 1933. Currently, the paper also has a website and covers TV and movie reviews, box-office data and business deals in the global entertainment industry.

But all along, the paper faced increasing competition from trade rivals like The Hollywood Reporter, Deadline Hollywood and The Wrap, as well as general entertainment websites offering news for free. In late 2009, Variety started a paid service for its online content but the move saw page views drop by around 40 per cent, according to figures from Nielsen.