Rolling Stone Sold for $100M

Penske Media Corp.'s chief Jay Penske on Wednesday closed a $100 million deal to acquire a controlling interest in the parent company of iconic rock music magazine Rolling Stone, Deadline Hollywood reported.

Wenner Media's Jann Wenner, who started the magazine in 1967 with Ralph Gleason in San Francisco with a $7,500 loan from relatives, will stay on as editorial director, while his son, Gus Wenner, will remain as president and chief operating officer while joining PMC's advisory board, Deadline reported.

"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," Wenner said, Deadline reported.

According to Deadline, PMC will beef up the magazine's content and soon announce an editorial lineup. Penske also plans to continue the magazine as a print publication, build up its digital platform and invest in areas like the live event business and licensing, Deadline reported.

PMC owns Deadline Hollywood as well as Variety, Women's Wear Daily, IndieWire, and The Robb Report.

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