As previously reported, Wenner Media, facing the same challenges as most traditional magazine owners in the digital age, past year sold a 49% stake in the title to Singapore-based company BandLab Technologies. His son, Gus, who is now the president and chief operating officer of Wenner Media, will remain in his role.
PMC, owner of trade titles like Variety and WWD, in addition to IndieWire, will invest in Rolling Stone's digital content, which now makes up a small fraction of the company's revenue. But only one could emerge with the prize of the long-running and instantly recognizable property, and that victor is Penske Media Corporation, Variety reports.
Penske's main task will be helping Rolling Stone create a business on the internet, which Jann Wenner proudly ignored for years.
"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", PMC chairman and CEO Jay Penske reportedly told Deadline Hollywood.
Rolling Stone was founded in 1967 with a $7,500 loan from family members of the founders, Jann Wenner and Ralph Gleason.
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.
The deal values Rolling Stone at more than $110-million, the Financial Times reported earlier, citing people briefed on the transaction. http://on.ft.com/2BrvPxd Rolling Stone co-founder Jann Wenner will assume the role of Editorial Director of the magazine after the completion of the deal, according to the statement.
But it was never clear that Azoff and Dolan, who have no publishing experience, wanted to actually own and operate Rolling Stone magazine. Regardless, Wenner's print business flourished with the portfolio he had cultivated: Rolling Stone, Men's Journal and US Weekly. But he'll still be able to keep a piece - presumably a small one - of the property that allowed him to become a media star himself.
Mr Penske stated that he is hoping under his ownership the magazine witnesses an ascending growth on multiple media platforms for years to come.
Wenner Media was previously valued at $50 million.