Rolling Stone co-founder sells controlling stake in publisher of famed magazine

Wenner Media in September said it was exploring strategic options for its majority interest in the Rolling Stone magazine, continuing its shift from print media business amid falling ad revenues.

Under the deal, New York-based Wenner Media will maintain editorial oversight of Rolling Stone, which will remain an independent authority on USA pop culture and political coverage, the companies said in a statement.

As Recode reported last month, Penske Media owner Jay Penkse was one of three bidders circling the property: Irving Azoff, a longtime Wenner friend/frenemy, was also looking at it, backed with money from New York Knicks owner Charles Dolan.

BandLab will seemingly remain a partner in the Rolling Stone business, and PMC says it has already met with the Singapore company's founder to discuss the nature of that partnership.

PMC oversees more than 18 brands, including Variety, Deadline, and WWD.

New reports state that the popular culture magazine, Rolling Stone, is set to get a new majority stake owner.

The deal also allows Jann Wenner and his son Gus, who has been steering the business of Rolling Stone for a few years, to call themselves equity owners in the family business.

It is the biggest investment in a single title that PMC has made, and rivals the amount paid for Fairchild Publications and its titles that include Women's Wear Daily.

Wenner expanded his company by broadening into ownership of Us Weekly and Men's Journal, and then took on debt when he repurchased Us from Disney.

"Our interest in Rolling Stone is driven by its people, its cultural signficance, and the globally recognized brand that has no peer in its areas of influence", Penske Media Chairman and Chief Executive Jay Penske said in a statement.

Rolling Stone's well-known founder Jann Wenner, whose life has been defined by its relationship to the iconic magazine he launched 50 years ago, will be named editorial director.

It was mired in controversy, however, after it was infamously forced to retract a false 2015 story about an alleged rape at a fraternity at the University of Virginia. That price surprised some people who had looked at the deal earlier in the year, and valued the stake in the $30 million to $40 million range.

Related news:

Hot News

isis-killer-beheading-video-story-top USA sanctions Chechen president Kadyrov under Magnitsky Act
Dec 23, 2017 - 00:18
It particularly allows the United States government to freeze assets and ban visas for officials. Dozens of people, mostly Russians, have been sanctioned under the law.

isis-killer-beheading-video-story-top Leicester boss Puel hails Man City as best in Europe
Dec 22, 2017 - 00:27
The Reds' defence of the trophy came to an end after conceding a stoppage-time to goal to lose 2-1 at Ashton Gate . Bristol City were not "lucky", as Mourinho claimed, arguing that United hit the woodwork twice.

isis-killer-beheading-video-story-top Nasa funds helicopter mission to hunt for alien life on Titan
Dec 22, 2017 - 00:25
The instrument uses lasers on a lander to measure the mineralogy and elemental composition of rocks on the surface of Venus . Although frigid, Titan is otherwise a relatively benign place, and the rotocraft could survive for several years.

isis-killer-beheading-video-story-top Prince Harry and Meghan Markle reveal engagement photos
Dec 22, 2017 - 00:25
The couple, whose engagement was announced by Harry's father, Prince Charles, on November 27, will marry May 19 at St. Markle opted for a similar look by Self-Portrait at Wednesday's pre-Christmas lunch at Buckingham Palace.

isis-killer-beheading-video-story-top USA secretary of commerce sides with Boeing on Bombardier dispute
Dec 22, 2017 - 00:23
Canada's government will review the final determinations to consider next steps and options for appeal, she said. Bombardier was able to underprice the jets due to $3 billion in unfair government subsidies, Boeing says.

isis-killer-beheading-video-story-top Wentz, 5 other Eagles named to Pro Bowl
Dec 22, 2017 - 00:13
Mosley in the AFC and New York Giants strong safety Landon Collins and Atlanta Falcons wide receiver Julio Jones in the NFC. Juszczyk this season has just seven carries for 31 yards. "The ultimate goal is to win football games in this league".

isis-killer-beheading-video-story-top North Korea "Building a Cache of Bitcoin", Warns Cybersecurity CEO
Dec 22, 2017 - 00:13
The UK recently joined the USA in condemning North Korea for the attack, as has Australia, New Zealand, Canada, and Japan. North Korea described the accusation as a "grave political provocation" and said Washington had "ulterior motives".

isis-killer-beheading-video-story-top AT&T To Give US Employees A Bonus Because of the Tax Bill
Dec 21, 2017 - 00:44
Fifth Third Bancorp also announced bonuses of $1,000 to more than 13,500 employees and said it would raise its minimum hourly wage to $15.

isis-killer-beheading-video-story-top Watchdog: Justin Trudeau Is Under Scrutiny Over Alleged Ethics Violations
Dec 21, 2017 - 00:41
We need to make sure that the office of the prime minister is without reproach'. "The vacations accepted by Mr. The commissioner stated that Trudeau and his family vacationed at the private island twice.

isis-killer-beheading-video-story-top Trading of Bitcoin Cash temporarily suspended pending an investigation
Dec 21, 2017 - 00:39
Bitcoin Cash was the third biggest cryptocurrency with a total market capitalization of $59bn, according to Coinmarketcap. The announcement seemed to trigger a flood of cash from bitcoin to Bitcoin Cash , which surged 50 percent overnight.

isis-killer-beheading-video-story-top Pennsylvania Is Now Fifth-Largest State In Nation
Dec 21, 2017 - 00:34
Wyoming had the largest percentage decline among states, losing almost 5,600 resident or about 1% of the state's population. That would be Idaho, which is now home to 1.7 million people and grew 2.2 percent during the past year.

isis-killer-beheading-video-story-top Sen. Jack Latvala Announces Resignation Following 'Probable Cause' in Sexual Harassment Probe
Dec 21, 2017 - 00:30
In his letter of resignation, Latvala maintains his innocence saying, "the charges in the original complaint are fabrications". She said Latvala inappropriately touched her in an elevator, at a private club and other occasions.

isis-killer-beheading-video-story-top Parents Upset Over Surprise Ivanka Trump Visit at Conn. High School
Dec 21, 2017 - 00:29
While she enjoyed the visit, in the wake of it, parents are upset they weren't informed of her appearance ahead of time. Ivanka Trump made her way to New England this week, visiting an innovative high school in CT on Tuesday.

isis-killer-beheading-video-story-top Facebook uses AI to tackle catfish and identity thieves
Dec 20, 2017 - 00:38
Facial recognition may make the world safer , or more authoritarian , or just weirder - depending on your perspective. In conjunction with the new facial recognition tools, Facebook put out another post in its " Hard Questions " series.

Microsoft removes Google's Chrome installer from the Windows Store
Dec 20, 2017 - 00:37
It opens up the Chrome download page so the method of getting Chrome on your Windows 10 PC remains essentially the same as before. The installer app appeared to be completely official, linking to Google's other applications in the Microsoft store for example.