Quantcast

PENSKE MEDIA GETS ROLLING WITH WENNER MEDIA ACQUISITION

Penske Media has announced that it's acquired a controlling stake in Wenner Media, the company that owns Rolling Stone. The acquisition is valued at $100m. Singapore-based BandLab retains its 49% stake.

The deal leaves Wenner Media with editorial oversight and majority control of RS. Jann Wenner, who founded RS in 1967, will stay on as editorial director; Gus Wenner will remain President/COO.

This is the biggest media purchase yet for Penske Media Group, the parent company of entertainment trade Variety and owner of Condé Nast’s Fairchild Fashion Media and Indiewire.

"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," reads a statement from Jann Wenner.

"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,” said Penske."

A refurbishment of that brand and its various properties will likely soon be underway.

The WM/RS transition to PMG's platform should be complete in the next several months.

Other bidders that had reportedly been kicking WM's tires included an investors' group led by Irving Azoff; Todd Boehly of Guggenheim Partners and Playboy owner Rizvi Travers.

NEAR TRUTHS: SPRING BLOOMS
Here come the big guns. (3/28a)
THE COUNT: COLDPLAY IS HOT, COUNTRY'S COOKIN' IN THE U.K.
The latest tidbits from the bustling live sector (3/28a)
CITY OF HOPE TAPS MARCIANO FOR TOP HONOR
This year's philanthropic model (3/28a)
TRUST IN THE TOP 20
Hip-hop is no longer hibernating. (3/28a)
UMG BROADENS SPOTIFY OFFERINGS
Sir Lucian and Daniel are in harmony. (3/28a)
THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)