Originally posted on paidContent:

As the field of buyers for Variety narrows, we’re getting a clearer picture as to what it will take to make a deal — and to remake Hollywood’s signature trade publication.

Forget any notion of a $1 fire sale.

Several individuals who have checked out Variety‘s sales book recently told us that, despite a rather dramatic reduction in Variety‘s valuation in recent years, whoever ends up buying it will still need to come up with cash well beyond the currently reported upper-$30 million bidding range.

“That $40 million is a pretty considerable amount of money, but the problem is you’re not done at $40 million,” said one knowledgable individual, who spoke at length to us. “You’re buying a property that’s had a decade of deferred maintenance. Whoever underwrites this is going to have to do this with a plan of investing significantly post-purchase.”

(First, some disclosures: The…

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