In a statement Mark Kelsey, CEO of RBI, said, "Variety is an iconic title serving the film and entertainment industry for more than 100 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. 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....For more than 100 years, Variety has been the leading source of information and analysis for the entertainment industry. It continues to hold that position, and with its talented staff and far-reaching relationships, Variety is at the heart of the industry." Variety President Neil Stiles added, "I have every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector."

Variety was founded in New York City in 1905 by Sime Silverman.