Rolling Stone Magazine Celebrates Its 50th Anniversary With A New Owner

Media investor Jay Penske said that his Penske Media Corporation was buying a 51% stake becoming the majority owner. The announcement came in a publication of Wenner Media.
The two companies announced the investment this Wednesday night. However, they did not disclose the financial terms. The investment values Wenner Media around 100 million dollars, according to the Hollywood magazine Variety, owned by Penske Media.

A little more than just the Rolling Stone

In addition to Variety, Penske’s other investments include the online news site Deadline, Robb Report, and IndieWire. The company claims to have a monthly audience of more than 180 million people.
“Our interest in Rolling Stone is driven by its people, its cultural importance and the globally recognized brand that has no equal in its areas of influence,” Jay Penske said in a statement.

50 years rocking!

The magazine that has been on the market for 50 years. It’s widely recognized for its coverage of music and popular culture. Also, as fragments of political journalism and commentary. The influential magazine has struggled to retain its relevance over time. Mainly because of the digital changes that have emerged throughout the twenty-first century. Founder Jann Wenner started this magazine in San Francisco in 1967 with music critic Ralph Gleason. “I am very proud of our achievements over the past 50 years and I know that Penske Media is the ideal partner for us to thrive in today’s media landscape,” Jann Wenner said in a statement.

The founder will continue to have his position as editorial director of the magazine. His son Gus Wenner will remain president and director of operations.

New owner Jay Penske said he hoped to make sure that Rolling Stone Stone “continues to climb for decades through multiple media platforms.”
“Our interest in Rolling Stone is driven by its people. Its cultural importance and the globally recognized brand that has no equal in its areas of influence,” he added.

Rolling Stone is also known for its iconic covers. For many years they were the ultimate symbol of the success and relevance of a musical act.

A hard fall for Rolling Stones

However, a coup in 2015 made the famous magazine lose credibility after publishing a discredited article about a violation of a university fraternity. Despite that, the magazine remained standing. Turning the page on its recent failures and positioning Rolling Stone to succeed for another 50 years.

“We could not ask for a better partner than Jay and Penske Media to invest in our company’s future success,” Gus Wenner said. “They understand the importance and impact of Rolling Stone, and we are thrilled for this opportunity to grow our business together.”