LOS ANGELES, Dec. 20 (Xinhua) -- The Penske Media Corporation (PMC) announced Wednesday that it had acquired a controlling interest in Wenner Media, parent company of the venerable rock music bible Rolling Stone.
PMC Chairman and CEO Jay Penske was quoted by a leading entertainment online media as saying that he believed that his company was uniquely qualified to partner with the Wenners to ensure the brand's development across multiple media platforms.
"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," he said.
According to the agreement, PMC will invest 100 million U.S. dollars to acquire a controlling interest in Wenner Media, while Singapore-based BandLab that acquired a 49 percent share of the iconic magazine will retain its stake.
After the deal, Jann Wenner, who founded the magazine in 1967 in San Francisco with a family loan, will maintain the role of editorial director.
His son, Gus Wenner, will continue as president/COO of the magazine and will join PMC's Advisory Board.
"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," said Jann Wenner.
PMC will continue the magazine as a consumer print publication, and invest heavily to exploit its brand name and to build up the magazine's already strong digital platform.
The global music business where Rolling Stone made its name has been revived in the streaming era.
Rolling Stone is an American biweekly magazine that focuses on popular culture. It was first known for its musical coverage, counter-culture style and harsh political stories.
