PMC Takes Control of ’Rolling Stone’ Publisher
No moss gathered here. The Penske Media Corporation, which already owns entertainment stalwarts Variety and Deadline, has purchased a majority stake in Rolling Stone publisher Wenner Media, reportedly for more than $100 million. That gives it control of 51 percent of the company, while the other 49 percent belongs to Singapore-based “social” music-making platform owner BandLab Technologies. In recent years, the magazine’s suffered audience and revenue losses, but 71-year-old Jann Wenner, who founded Rolling Stone in San Francisco in 1967, will stay on as its editorial director.