Penske Media Corporation (PMC) has acquired a controlling stake in Wenner Media, the publisher of the famed Rolling Stone magazine, the companies announced on Wednesday. (NYT / DealBook)
When Jann Wenner announced his decision to sell, he said he hoped to stay involved with the magazine’s operations, and PMC—which also owns IndieWire, The Robb Report, Women’s Wear Daily, Deadline, and Variety—will apparently be keeping Wenner on as editorial director, with his son Gus Wenner continuing to serve as president and chief operating officer. Gus will also join the Penske Media Advisory Board. (Vulture)
The investment by PMC brings to an end Wenner’s 50-year control of Rolling Stone, the last remaining asset held by Wenner Media, which has been under increasing pressure from wider industry upheaval and its own strategic stumbles. The deal gives Rolling Stone an enterprise value of more than $110 million, according to people briefed on the transaction. (FT)
BandLab, a Singapore-based company that acquired a 49 percent share of the magazine, will retain its stake. (Variety)