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This just in: Variety for sale, Corzine in trouble

Former MF Global CEO Jon Corzine Testifies To House Hearing On Company's Bankruptcy

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Former chairman and CEO of MF Global and former New Jersey Governor Jon Corzine testifies during a hearing before the Oversight and Investigations Subcommittee of the House Financial Services Committee.

A couple of pieces of breaking business news, one from Hollywood and one from Wall Street. Reed Business Information just announced that it's going to sell Variety; and Jon Corzine — former head of Goldman Sachs, U.S. Senator, and Governor of New Jersey — may have broken securities laws as CEO of MF Global and perjured himself before Congress.

Not a lot to say about Variety, just get ready for all the inside jokes about Reed "ankling" the century-old trade. The Wrap wastes no time in, um... Celebrating?

[Variety] has been challenged by digital upstarts like TheWrap and the Deadline blog. It has also faced greater competition from long-time rival The Hollywood Reporter, which relaunched its website and folded its daily print editions, launching a glossy weekly in its stead.

The larger point is worth noting, of course: ad dollars are moving away from print to digital. However, the profits from digital aren't enough to make up the losses, so it's tougher for companies to maintain both print and digital editions — or hang onto the brands at all.

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