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Rolling Stone Sold for $100M

Rolling Stone Sold for $100M

The investment values Penske Media at about $100 million, according to the Hollywood trade magazine Variety, which is owned by Penske Media.

Popular culture and polititics Maagazine Rolling Stone is to get its new owner. BandLab Technologies, a Singapore-based music technology company, will retain a 49-per-cent stake in Rolling Stone it acquired past year.

Rolling Stone's co-founder Jann Wenner, the head of Wenner Media, is staying on board as an editorial director for the biweekly music and news magazine he helped create.

The Wenners will still be involved with Rolling Stone, but the deal Wednesday represents an end of sorts.

It is the biggest investment in a single title that PMC has made, and rivals the amount paid for Fairchild Publications and its titles that include Women's Wear Daily.

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But it was never clear that Azoff and Dolan, who have no publishing experience, wanted to actually own and operate Rolling Stone magazine. Wenner was infamously dismissive of the Internet as it burgeoned into the dominant force in media around the turn of the century, "farming out" management of RollingStone.com to outside companies, according to Joe Hagan's recent biography of Wenner, Sticky Fingers.

"I'm confident that the setup we have now is the best possible setup for the future of Rolling Stone".

Wenner rocketed into the celebrity world that had long enchanted him. "This will allow us to do that in a way we haven't been able to do over the last couple of years". In that time, the magazine had become terrifically profitable, and in order to reacquire the half of it he had sold to Disney for $40 million, Wenner borrowed $300 million, saddling his company with debt.

Earlier this year, the publisher also offloaded celebrity magazine Us Weekly and men's lifestyle Men's Monthly to American Media, whose portfolio includes the National Enquirer. His name, however, was synonymous with Rolling Stone. In Sticky Fingers, Hagan writes that Wenner Media was at one point valued at around $1 billion dollars by Wenner's accountants and was being courted for an acquisition by Hearst at that valuation. With last night's announcement, he won't have to.

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