The publication has covered Hollywood for more than 100 years and is still considered a top industry news source.
The Reed Elsevier Group said in March that it would put Variety up for sale. It recently sold its other U.S. print magazines as it turns its focus to its business data services.
Penske Media Corp. said Tuesday that it plans to expand Variety's presence around the globe. The digital media and publishing company owns a number variety of lifestyle news brands, including the Hollywood news website Deadline.com