Penske Media Corporation has finalized the purchase of the remaining 49 percent stake in Rolling Stone from BandLab Technologies, MusicRow has confirmed. The purchase includes all event and licensing rights as well as the parallel entity Rolling Stone International. The acquisition makes Penske Media the full owner, after Penske gained a 51 percent stake in December 2017, when it purchased those shares from Rolling Stone founder Jann Wenner.
A Penske Media rep says the company expects to add a 15-20 percent increase in editorial as part of its growth strategy for the publication.
According to Vanity Fair, Penske’s initial 2017 investment in the publication cost approximately $50 million. Following the 2017 investment, Wenner had continued to be involved with the publication, while his son Gus Wenner was named president and COO.
Penske Media Corporation also owns titles including Variety, Deadline, Hollywood Life, WWD, IndieWire, and more.
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