Rolling Stone's Parent Company Sells Controlling Stake

His son, Gus Wenner, will continue as president/COO. However, a Singapore based company known as BandLab Technologies owns a 49% stake in the publication of the magazine.

The deal puts Rolling Stone's enterprise value - which includes the cash on Rolling Stone's books - at more than $100 million, according to a person familiar with the transaction - which means that Penske put in something in the $50 million range to buy the magazine.

Rolling Stone, which was founded in 1967, has always been a leader in music and pop culture journalism.

Now, a media firm named Penske Media owned by Jay Penske will be buying 51% stakes in this NY based publication.

Who? Well, Penske Media Corporation might not be a household name, but they own a number of recognizable properties, including Variety, Indiewire, and Deadline.


It then sold two other titles it also owned to help pay off some long-term debts, before indicating in September that it was now considering bids for the other 51% of the business. Its standing also was badly damaged after it retracted a discredited 2015 article about a brutal gang rape at a University of Virginia fraternity. Its coverage on the polarizing rise of President Donald Trump has been in keeping with the spirited origins, when the magazine became famous for the journalistic exploits of writers including Hunter S. Thompson and Cameron Crowe.

Penske CEO Jay Penske added that, "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".

"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.

"We couldn't ask for a better partner than Jay and Penske Media to invest in our company's future success".

Mr Penske stated that he is hoping under his ownership the magazine witnesses an ascending growth on multiple media platforms for years to come. In Sticky Fingers, Hagan writes that Wenner Media was at one point valued at around $1 billion dollars by Wenner's accountants and was being courted for an acquisition by Hearst at that valuation.

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