NEW YORK (CelebrityAccess) Penske Media Corporation (PMC) has acquired a controlling stake in Wenner Media, the publisher of the famed Rolling Stone magazine, the companies announced yesterday (Dec. 20).
Financial terms of the deal were not disclosed, but sources indicate that PMC will invest in Wenner Media at a valuation just over $100 million. BandLab Technologies, a Singapore-based music technology company, will retain a 49% stake in Rolling Stone that it acquired last year.
As part of the deal, Wenner Media will retain “majority control and editorial oversight” of Rolling Stone, according to a press release.
Jann S. Wenner, the co-founder of Rolling Stone, will stay on at Wenner Media as its editorial director. His son, Gus Wenner, will remain president and chief operating officer and will also join the advisory board of Penske Media, whose properties include Variety, Deadline and WWD.
“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,” Jann Wenner said 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,” said Jay Penske, the chairman and chief executive of Penske Media in a statement.