Penske Media Buys Stake In Rolling Stone

Penske Media Corporation has acquired a controlling interest in Wenner Media, parent company of the iconic magazine Rolling Stone, the company announced Wednesday.

PMC will invest in Wenner Media at a valuation just over $100 million, according to sources close to the transaction. BandLab, a Singapore-based company that acquired a 49% share of the magazine, will retain its stake.

Jann Wenner, who co-founded Rolling Stone in 1967 as a countercultural voice that went on to transcend the world of rock ‘n’ roll, will remain with Rolling Stone as editorial director, continuing to guide strategy for the brand.

“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 Wenner in a statement.

As part of the deal, Wenner Media will retain “majority control and editorial oversight” of Rolling Stone, according to Variety.