‘Rolling Stone’ bought by Penske Media (who own ‘Variety,’ ‘Deadline’ & more)
Rolling Stone, which turned 50 this year, has been acquired by Penske Media, the corporation that owns other titles/brands such as Variety, Deadline, Indie Wire, Women's Wear Daily and more. According to Variety, PMC is acquiring a 51% stake in Wenner Media, the parent company of Rolling Stone. The remaining 49% is owned by the Singapore-based BandLabs Technologies. (The deal reportedly put the value of Wenner Media at around $100 million.) “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 RS founder Jann Wenner in a statement. Wenner Media will retain "editorial oversight" of Rolling Stone, with Wenner staying on board as editorial director, and his son Gus as president/COO.
If you're keeping score, this puts Penske Media even more in direct competition with Eldridge Industries which owns Billboard, Hollywood Reporter, SPIN, Stereogum, and more.