In a major move, Penske Media Corp. and Wenner Media today announced Penske’s strategic investment in Wenner Media, majority owner of iconic music and pop culture publication Rolling Stone.
Since its founding in 1967 by Jann Wenner and Ralph J. Gleason, Rolling Stone has defined pop culture for generations of readers and is one of the most iconic brands in publishing and music. Today, five decades later, Rolling Stone has evolved into a multi-platform brand, reaching over 60 million people per month.
“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 in a statement. “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.” (PMC is FN’s parent company.)
“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 Jann Wenner, editorial director of Wenner Media.
“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, president and chief operating officer of Wenner Media.
BandLab, a Singapore-based company that acquired a 49 percent share of Rolling Stone, will retain its stake.
Terms of the agreement were not disclosed, but sources told Variety the deal could value Rolling Stone at more than $100 million.