Rolling Stone Has Been Bought By Penske Media

A fiftieth birthday can be a dubious thing. For some, fifty years feels like a vantage point from which to appreciate the state of the union of their lives. To others, the term ‘half-century’ tolls like church bells as their doctors tell them that the pain in their legs is just ‘leg pain’ and will be there forever. In Rolling Stone’s fiftieth year, it was bought by Penske Media.

The actual transaction that occurred is more complicated than a company buying a magazine. Penske acquired a 51% stake in Rolling Stone’s parent company, Wenner Media, leaving the remaining 49% to Singapore-based BandLabs Technologies.

“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 Rolling Stone founder Jann Wenner in a statement. 

The change in ownership seems mostly to do with money, as Wenner and his company will retain editorial oversight of the magazine. Wenner’s son Gus remains president and COO. Penske already owns magazine such as Variety, Deadline, Indie Wire and Women’s Wear Daily. Its newest acquisition will put it in more direct competition with Eldridge Industries, which owns Billboard, Hollywood Reporter, SPIN and Stereogum.