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ROLLING STONE SEEKS A NEW OWNER

After 50 years of chronicling music and pop culture, Jann Wenner is selling Rolling Stone.

The New York Times reports that Wenner is putting Wenner Media’s controlling stake of the publication up for sale, partly owing to some recent errors that have taken a financial toll.

Last year, Wenner and his son Gus sold a 49% stake in Rolling Stone to BandLab Technologies, a Singapore tech company. They recently sold the company’s other two magazines, Us Weekly and Men’s Journal.

Bankers are just beginning to explore a sale, and no buyers have been identified.

The move comes at the end of a week that has seen four major magazines lose top editors: Graydon Carter at Vanity Fair; Nancy Gibbs at Time; Cindi Leive at Glamour and Robbie Myers at Elle.

“I love my job, I enjoy it, I’ve enjoyed it for a long time,” Jann told the Times. Letting go was “just the smart thing to do.”

 

 

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