Rolling Stone co-founder sells controlling stake in publisher of famed magazine

The competition was spirited for ownership of the magazine, and rival bidders reportedly included THR owner Todd Boehly's Eldridge Industries; the music producer Irving Azoff; and the Sinagpore-based BandLab, which bought a 49% interest in 2016 that it continues to hold.

Wenner will stay with the company as editorial director, and his son Gus Wenner, who is the president and COO of Wenner Media, will remain in that position and join PMC's Advisory Board.

Jay Penske, owner of Penske Media, said after completing the deal that he hoped Rolling Stone "continues to ascend for decades across multiple media platforms".

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But Penske's portfolio, which is primarily tilted toward trade publications, does include print titles, like Variety.

Terms of the agreement were not disclosed, but sources told Variety the deal could value Rolling Stone at more than $100 million.

According to Hollywood Reporter senior legal editor Eriq Gardner, the final legal case against Rolling Stone over its retracted story of rape on the University of Virginia campus was very recently settled.

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Popular culture and polititics Maagazine Rolling Stone is to get its new owner. He will remain on as president/COO of Wenner Media. The story, published in 2014, was a huge blow to the magazine's credibility after it was found that its writers and editors had not verified key components of its reporting.

"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", Jann Wenner said in a statement.

Well before that stain on its reputation, however, Rolling Stone suffered significant growing pains in adapting to the digital era.

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Wenner rocketed into the celebrity world that had long enchanted him. 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. "This will allow us to do that in a way we haven't been able to do over the last couple of years". His name, however, was synonymous with Rolling Stone.

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