Management of Rolling Stone journal was acquired by Penske Media, the conglomerate that additionally owns leisure commerce publications Selection, Deadline and TV Line.
Penske bought an possession stake in Wenner Media, the company that based Rolling Stone 5 a long time in the past.
The funding price Penske over $100 million, Selection reported.
Rolling Stone’s co-founder Jann Wenner, the top of Wenner Media, is staying on board as an editorial director for the biweekly music and information journal he helped create.
“I’m so happy with our accomplishments over the previous 50 years and know Penske Media is the perfect match for us to thrive in right now’s media panorama,” Wenner stated in a press release.
The corporate BandLab Applied sciences, which bought 49% of Rolling Stone final yr, will preserve its funding.
Rolling Stone, which was based in 1967, has lengthy been a frontrunner in music and popular culture journalism. The publication has featured a slew of memorable covers through the years, together with one in every of John Lennon and Yoko photographed hours earlier than the previous Beatle was fatally shot in 1980.
It was mired in controversy, nonetheless, after it was infamously compelled to retract a false 2015 story about an alleged rape at a fraternity on the College of Virginia.
The acquisition comes three months after Wenner Media acknowledged it was searching for a brand new proprietor.