It’s been just over three months since Wenner Media, the parent company of Rolling Stone Magazine, went up for sale. And in that time, it’s seen interest from a number of parties, including Azoff MSG Entertainment CEO Irving Azoff, Madison Square Garden chairman James Dolan, Playboy magazine owner Rizvi Travers, and former Guggenheim Partners president Todd Boehly. But only one could emerge with the prize of the long-running and instantly recognizable property, and that winner is Penske Media Corporation, Variety reports.
Who? Well, Penske Media Corporation might not be a household name, but they own a number of recognizable properties, including Variety, Indiewire, and Deadline. The sale is reported to be worth more than $100 million, getting them a majority share of Wenner Media. Despite selling the company, Wenner Media will maintain editorial oversight over the operations of Rolling Stone, which is good news for U2 and most classic rock artists.
“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. He will remain on as president/COO of Wenner Media.
“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,” Jay Penske said to Variety. “We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms—we’re eager to get started.”
BandLab, a Singapore-based business that owns a 49% share of the magazine, will retain its stake.