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Credit: Reuters/Fred Prouser/Files LOS ANGELES | Fri Mar 23, 2012 4:54pm EDT LOS ANGELES (Reuters) - Hollywood trade paper Variety, one of the oldest and most respected sources of information for the entertainment industry, is being put up for sale, owners Reed Business Information said on Friday. The unit of business publishing company Reed Elsevier said it was selling Variety as part of its efforts of the past three years to divest its U.S. business magazines. "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," Kelsey added. Variety started life in New York in 1905 as a weekly entertainment-trade magazine and went to a daily edition based in Los Angeles in 1933. It now also has a website and covers TV and movie reviews, box-office data, and business deals in the global entertainment industry. The publication is known for its insider jargon, including terms like "skeins" for TV series, and "toppers" to describe corporate leaders. Variety president Neil Stiles said in a statement on Friday that he had "every confidence that under new ownership, Variety will continue to thrive, innovate and provide fantastic insight into the sector." (Reporting By Jill Serjeant; Editing by Piya Sinha-Roy and Carol Bishopric) Entertainment Fashion Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Entertainment News From the Wrap Can Tim Tebow and 'Tebowmania' Translate to the Big Apple? 4:57pm EDT In a backup role with the N.Y. Jets, with endorsement deals hanging in the balance, Tim Tebow faces the biggest test of his young career 'Harold & Kumar' Creators Sign First-Look Deal With Universal 4:27pm EDT Universal has signed a two-year deal with Jon Hurwitz and Hayden Schlossberg, who directed "American Reunion" for the studio AnnaSophia Robb as Carrie Bradshaw in 'The Carrie Diaries': First Look 4:39pm EDT "Soul Surfer" actress AnnaSophia Robb is taking over the role of Carrie Bradshaw from Sarah Jessica Parker; can she fill her Louboutins? Variety for Sale as Hollywood Trade Struggles in Digital Era (Updated) 4:25pm EDT The 100-plus-year-old trade is up for sale, says Reed Business Information We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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