Media giant Penske Media buys a controlling stake in Rolling Stone Magazine

the sale of a controlling stake is for the better development of the magazine, and Jan Wenner will continue to be editor-in-chief.

selling a controlling stake is for the better development of the magazine, and Jan Wenner will continue to be editor-in-chief.

Penske Media (Penske Media), which owns Variety, TV Line,Deadline and other entertainment assets, has reached an agreement with Wenner Media Media, the controlling shareholder of Rolling Stone Magazine, to acquire all of its controlling shares in Rolling Stone Magazine. Not long ago, Rolling Stone magazine just celebrated its 50th anniversary.

the deal means that Rolling Stone editor Jann Wenner will relinquish ownership of the magazine he co-founded with music journalist Ralph J. Ralph Gleason in San Francisco in 1967.

Wenner Media announced in September that it would "explore strategic options" and may sell ownership for the future of Rolling Stone magazine.

Penske Media and Wenner Media did not disclose a clear transaction price, but a report in Variety put the value of the magazine at more than $100m.

in the past 50 years, Rolling Stone magazine has become a cultural touchstone and a platform for many writers to express their insights. For example, the founder of Gonzo Journalism, Hunter Stockton Thompson (HunterStockton Thompson) who wrote fear of Fear and Loathing in Las Vegas, and Tom Tom Wolfe, whose early stories about the NASA space program became the later "The Right Stuff". Renowned photographer Anne Leibowitz (Annie Leibovitz) has taken more than 140 cover photos during her more than 10 years of working for Rolling Stone Magazine, including a picture of John Lennon and Yoko Ono on December 8, 1980. hours after shooting, Lennon was shot in front of his apartment.

the magazine's image was tarnished after false reports of rape by several members of the University of Virginia Brotherhood were withdrawn in 2014. Last year, a jury ruled that the false report had caused reputational damage to a university administrator, who would be awarded $3 million in damages.

Penske Media said in a statement that although Jan Wenner sold his shares, he would continue to be editor-in-chief of Rolling Stone magazine.

Jan Wenner said in a statement: "I am proud of what we have achieved over the past 50 years, and I am well aware that Penske Media is our ideal partner in today's media environment."

Singapore's BandLab Technologies will continue to own 49 per cent of Rolling Stone Magazine, an investment the company made in 2016.

Penske Media CEO Jay Penske (Jay Penske) said in a statement: "our interest in Rolling Stone Magazine stems from its readers, its cultural significance, its internationally renowned brand reputation, and the unparalleled influence of other brands. We believe that Penske will be able to work with Wenner, and we can't wait for the brand to continue to grow on multiple platforms in the coming decades. "

Edit: mary