Billionaire Marc Lasry's bid to buy Hollywood trade Variety has hit a snag, sources say. The New York hedge-funder's Avenue Capital emerged this month as the front-runner to snap up the showbiz “bible†for between $30 million and $40 million. But sources tell Page Six that when Avenue's bean counters recently ran Variety's numbers on the deal, they wound up lowering their bid. “Everyone's been balking at the price,†a Hollywood insider familiar with the sale told us, adding, “another problem is that [any new buyer] will then have to put money into it immediately, to bring Variety into the modern age.†Meanwhile, we hear that supermarket magnate Ron Burkle, an investor in Relativity Media, walked away from bidding, while racing heir Jay Penske was still circling through his company, PMC. The 107-year-old entertainment publication's been on the block since March through its parent, Reed Elsevier. Avenue's deal to buy Variety was expected to be announced up to two weeks ago. Reps for both Avenue Capital and Variety declined to comment.
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Marc Lasry
