Penske Media Takes 51% Majority Stake In Rolling Stone

Apart from Penske Media, Singapore-based BandLab Technologies already owns a 49% stake in the publication.

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.

But Penske's portfolio, which is primarily tilted toward trade publications, does include print titles, like Variety. Terms of the deal weren't disclosed, but the New York Times reports that the investment values Wenner Media at roughly $100 million. The company, which says it has a monthly audience of more than 180 million people, is based in NY and Los Angeles.

"We have such a unique and special product in Rolling Stone, and we are excited to build on its strong foundation and invest in its future through this partnership", Gus Wenner told Variety.

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. The story, published in 2014, was a huge blow to the magazine's credibility after it was found that its writers and editors had not verified key components of its reporting.

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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.

He further said the reason of investing in Rolling Stone is the cultural significance it has in the global market.

The company added that they hope the magazine will "continue to ascend for decades across multiple media platforms".

"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 Janne Wenner said in a statement. Penske Media was represented by Morgan, Lewis & Bockius LLP. The magazine is known for its sharp commentary on music, politics and social issues, though it suffered a black eye for publishing an exposé on campus rape at the University of Virginia that it was forced to retract.

Wenner Media was previously valued at $50 million.

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