Penske Media Corporation has acquired a controlling interest in Wenner Media, parent company of iconic music magazine Rolling Stone, for $100 million.
The magazine was founded by Jann Wennerin 1967, and has been run by his 27-year-old son, Gus Wenner, who who will stay on as COO. The $100 million price tag is the most PMC has spent on a single buyout, adding Rolling Stone to its slate of media publications including Variety, Hollywood Life, and Deadline.
Rolling Stone will remain a print publication under PMC.
“Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally-recognized brand that has no peer in its areas of influence,” Penske Media chairman and CEO Jay Penske said in a statement. “We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms–we’re eager to get started.”
Rolling Stone announced it was going up for sale in September,
“I love my job, I enjoy it, I’ve enjoyed it for a long time,” Wenner told The New York Times at the time. Wenner added letting the publication go is “just the smart thing to do.”
Wenner Media had already started selling off assets before Rolling Stone went up for grabs, recently selling US Weekly and Men’s Journal; the company also sold a 49 percent stake in its flagship publication last year to BandLab Technologies.
Read original story PMC Buys Majority Stake in Rolling Stone Parent Company At TheWrap