The parent company of Rolling Stone magazine,
Wenner Media, will receive a $100 million investment from
Penske Media Corporation,
IndieWire’s publisher. Transaction details were announced today, three months after publisher
Jann Wenner revealed plans to sell the controlling stake of the music and literary institution he co-founded half a century ago. Per the transaction, Wenner will become editorial director of
Rolling Stone, and his son, Gus, will remain its president and chief operating officer, while also joining
Pmc’s advisory board.
“Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally-recognized brand that has no peer in its areas of influence”, said Pmc chairman and CEO
Jay Penske. “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 — we’re eager to get started.”
Wenner Media will maintain