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.
At November's sales pace, it would take a record low 3.4 months to exhaust the current inventory, down from 3.9 months in October. November's pending sales was 9,945, up by 5.6 percent from a year ago when the figure was 9,417.
Others have only found relief by rebooting their phones, which seems to alleviate the issue, but only for a short time. Usually, I request some music, only to have Spotify play out of Google Home and Google Music play from my Pixel 2 XL.
It started off with Intel and Nvidia developing GPUs that use the required 10 bits-per-channel for increased RGB colour support. Netflix has many shows that are HDR enabled like Stranger Things 2 , Marvel's Daredevil , Marvel's Iron Fist and many more.
Brussels has signalled a detailed trade deal is likely to take much longer, and that Britain's transition period must end by 2020. But they are still unclear on what Britain wants from the future relationship, including the shape of any trade deal.
He announced last month he would be released from his record $1.2 million contract to return to Parramatta for the 2018 season. The District Attorney's office reviewed the case and later rejected it based on insufficient evidence, the documents reveal.
Starting next year, developers will need to support more recent Android features, and in 2019 64-bit support will be mandatory. Edward Cunningham, Product Manager of Android, outlined three key changes that will come down the pipeline in 2018 and 2019.
The footage shows one of the terrorist jumping the outer wall of the church to enter and then opening the gate for the other. Hospital officials said two women were among the dead while another five women and two children were among the wounded.
Figures provided by Facebook suggest it handed over data in 85% of requests from U.S. law enforcement and 90% in the UK. U.S. government requests for Facebook user data were more than double the 16,823 Google received in the period.
The Chinese ride-hailing service Didi Chuxing announced the completion of a new equity funding round of over Dollars 4 billion. The investment firm entered the tech sector in 2007 with an investment in semiconductor maker Advanced Micro Devices.
The African National Congress (ANC), the ruling party in South Africa, decided on Wednesday to downsize its embassy in Israel to a liaison office, in response to the American government's controversial policy changes in the country.
TyLon Pittman likes Christmas a lot, but the 5-year-old boy was scared there was a Grinch out there who truly did not. In another post, the boy shows the video evidence of the Grinch stealing the presents to the officer.
Apple says older iPhones slowed due to battery issues
It will be applied to other Apple devices in the future. "That doesn't engender trust", added developer and blogger Nick Heer . Apple has further delved into the issue of lithium-ion batteries on its website, which have a limited life span.
Universal Music, Facebook Sign Licensing Deal
In what may be music to the ears of Facebook users, they can now add some of their favorite songs to videos they upload and share. UMG's announcement mentions that newer music-based products will be built out between the two companies.
Flu Season Is Upon Us
The Hill Country's off-again, on-again winter weather is the prime time to get influenza and be calling work to say you're sick. The importance of getting the flu shot is especially true for young people and those with chronic medical conditions, she said.
Virginia governor cites power of a single vote
Under state law, the State Board of Elections now has to break the tie in House District 94 through "determination by lot ". In the initial count, Simonds had been behind by 10 votes, and the recount found her ahead instead by one vote.
5-star DE Micah Parsons commits to Penn State
Penn State is looking to replace highly-productive middle linebacker Jason Cabinda, so there is an opening at the position. He'll play defense for the Lions, either at defensive end or linebacker, a spot where the Lions are looking thin for 2018.
Meghan Markle joins royal Christmas lunch at palace
She tends to veer towards the sexy, with plunging necklines, sheer accents, and romantic, glittering embellishments. Here are three more things to know about the Israeli designer. "She's an incredible woman".
Combat Jack Dead At 48-Years-Old
He later revealed that he was rushed to the hospital for "pretty severe surgery" and that he was going to take on chemotherapy. Ossé's " Combat Jack Show" podcast has been running for over seven years. "Internets, what's up? It's your man Combat Jack ".
Apple TV Finally Returns to Amazon
After waiting for two years to see the Apple TV 4K back on Amazon , something unexpected happened. Amazon's Prime Video app was the most downloaded of any tvOS app ever in its first seven days.
McCain has returned home to Arizona after treatment, office says
A statement from his office late Sunday said he would undergo physical therapy and rehabilitation at the Mayo Clinic in Arizona. No Democrats or independents support the legislation, although it is expected to comfortably pass the House of Representatives.