Penske Media Now A Majority Shareholder Of Rolling Stone Magazine

Iconic music and pop culture magazine has finally found a new support after several years of stuggle. The magazine was launched in 1967 as a countercultural voice that moved on to create some of the world's most iconic rock 'n roll moments. Since its birth as a print publication that practically defined rock ‘n’ roll and leading artists from The Beatles to Led Zeppelin, Rolling Stone has transformed itself into a multimedia brand that also covers other worlds from politics to Hollywood with hard-hitting journalism. A two-part HBO documentary, “Rolling Stone: Stories From the Edge,” celebrated the publication’s 50th anniversary last month. [embed]https://www.youtube.com/watch?v=SNNjGbsavcE[/embed] Penske Media has taken over 51% of Wenner Media's stake while the remaining 49& stays with BandLabs Technologies, a Singapore-based company that bought the minority stake last year and exercised its right of first refusal to acquire the remainder of the magazine. Penske Media, publishers of Variety, Deadline, Robb Report, and IndieWirehas bought a majority stake in Wenner Media, the New York-based publisher of Rolling Stone, Men’s Journal, and Glixel reports the Los Angeles Times. The 5-decade old iconic magazine will remain editorially independent. Co-founder Jann Wenner will stay on board as editorial director and his son, Gus Wenner, will remain president and COO. Details of the deal have not been officially disclosed, but its value is rumoured to be just over $100 million.

“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,” said Wenner in a statement.

The transition to the Penske Media platform is expected to occur over the next six months. Penske also bought over other Wenner titles including Men’s Journal, paving the way for the Wenner family.

“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. 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.”, said Penske

The deal comes as the music business where Rolling Stone made its name is undergoing a rejuvenation after years of struggles to adapt to the digital era. Record labels are recovering as streaming platforms like Spotify and Apple Music pave new paths to monetization. While the whole industry is finding their methods to adapt to the digital age, Rolling Stone will follow similarly with this new deal.