Penske Media Corporation (PMC) and Wenner Media have struck a deal, announcing Penske Media’s strategic investment in Wenner Media, majority owner of Rolling Stone.
Under the deal, Rolling Stone founder Jan Wenner will become Editorial Director, while Gus Wenner will remain President & COO and also join Penske Media’s advisory board. Wenner Media will maintain the majority control and editorial oversight for Rolling Stone. Financial terms for the investment were not disclosed.
Meanwhile, Singapore-based music start-up BandLab Technologies, which purchased a 49 percent stake in Rolling Stone in September 2016 for an undisclosed sum, continues as Wenner Media’s partner in Rolling Stone.
Rolling Stone joins Penske’s media portfolio, which includes Variety, Deadline.com, and IndieWire.
“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,” said Penske Media chairman and CEO Jay Penske. “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.”
“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 Jan Wenner.
“We couldn’t ask for a better partner than Jay and Penske Media to invest in our company’s future success. They understand the importance and impact of Rolling Stone, and we are thrilled for this opportunity to grow our business together,” said Gus Wenner.
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