Faced with the onslaught of Web-based news outlets, Variety's owner, a unit of Reed Elsevier Group PLC, says it just makes sense to sell the 107-year-old brand.
This isn't the first time Reed has sought a buyer for Variety. In 2008, the company put all of its publications on the market as a bundled package, but no one was willing to buy them all.
Variety, which dates back to 1905, is facing stiff competition covering the business of Hollywood from websites such as Deadline and The Wrap, as well as The Hollywood Reporter, its longtime rival that was revamped in 2010 under new ownership.
The Associated Press contributed to this report.