Following music and culture in the U.S. has often included reading Rolling Stone magazine over the past 50 years, thanks to the publishing success of Jann Wenner. So it came as a surprise last September when Wenner announced he would sell the magazine. Now, it has been announced Penske Media Corporation has acquired 51 percent of the magazine for an estimated $100 million. Wenner will remain on as editorial director.
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Jay Penske, who also owns entertainment business magazine Variety, and PMC look forward to being a big part of what happens next.
"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 said. "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."
The remaining 49 percent of Rolling Stone parent Wenner Media remains held by Singapore's BandLab.
