Penske buys controlling stake in Rolling Stone owner
Penske Media Corp. will take a controlling stake in Wenner Media, the parent company of venerable rock-and-roll magazine Rolling Stone, in a deal announced late Wednesday. The deal is reportedly valued at about $100 million. Singapore-based BandLab Technologies Inc. will maintain a 49% stake in Wenner Media that it bought last year. In a statement, PMC said Wenner Media would keep "majority control and editorial oversight" of Rolling Stone. Jann Wenner, who co-founded the magazine in 1967, will stay with the company and become its editorial director. Penske will reportedly keep Rolling Stone as a print publication, while bolstering its online presence. PMC is owned by Jay Penske, son of auto-racing entrepreneur Roger Penske, and includes Fairchild Publications, Variety and online media brands such as IndieWire and Deadline Hollywood. Wenner had reportedly been seeking a sale since September.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.