Rolling Stone Publisher Sells Majority Stake to Penske, Owner of Variety

Rolling Stone Publisher Sells Majority Stake to Penske, Owner of Variety


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Started in 1967 from a loft in San Francisco, Rolling Stone gave a voice to the baby boomer generation and redefined music as an art form.

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Tony Dejak/Associated Press

Penske Media has acquired a controlling stake in Wenner Media, the publisher of the famed Rolling Stone magazine, the companies announced on Wednesday.

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Jay Penske, Penske Media’s chairman, said that he wanted to partner with the Wenners to “ensure the brand continues to ascend for decades.”

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Michael Buckner/Getty Images for Variety

The investment values Wenner Media at roughly $100 million, according to a person familiar with the deal. BandLab Technologies, a Singapore-based music technology company, will retain a 49-percent stake in Rolling Stone that it acquired last year.

Jann S. Wenner, the co-founder of Rolling Stone, will stay on at Wenner Media as its editorial director. His son, Gus Wenner, will remain president and chief operating officer and will also join the advisory board of Penske Media, whose properties include Variety, Deadline and WWD.

“I am so proud of our accomplishments over the past 50 years and know Penske Media is the ideal match for us to thrive in today’s media landscape,” Jann Wenner said in a statement.



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