New reports state that the popular culture magazine, Rolling Stone, is set to get a new majority stake owner. The new owner, one Jay Penske is a media investor who will acquire a 51% stake in the company.
The magazine which is over 50 years old, has been covering the most relevant stories in music, popular culture, and journalism for the better part of a century. The magazine itself is something of an icon of the cultural history of the world.
The magazine was founded by Jan Wenner and music critic Ralph Gleason in San Francisco in 1967. Since then the magazine has snowballed into a cult icon, and is widely considered to be one of the most respected magazines on the planet.
Since its conception in 1967, the magazine has remained under the control of Wenner’s company, Wenner media. However, a Singapore based company known as BandLab Technologies owns a 49% stake in the publication of the magazine.
Until date, these were the sole stake holders in the magazine’s history. Now however, Penske media has made its way into the picture. While it is unclear why Wenner Media has agreed to sell its majority stake to Jay Penske, sources believe it has to do with the recent problems faced by the magazine.
The company has been unable to make the transition from print to web and as a result has been left behind in the competitive world. Penske Media is hoping to take the magazine into the future.
However, Penske Media has specified that Jay Wenner will be kept on as the editorial director of the company.
Penske Media stated that the company’s interest in Rolling Stone was “driven by its people, its cultural significance and the globally recognized brand that has no peer in its areas of influence”.
The company added that they hope the magazine will “continue to ascend for decades across multiple media platforms”.