Tags: rolling stone | magazine | sale | wenner media

Rolling Stone Magazine For Sale by Wenner Media

Image: Rolling Stone Magazine For Sale by Wenner Media

A vendor pulls out a Rolling Stone magazine on sale in Singapore on Sept. 26, 2016. (Roslan Rahman/AFP/Getty Images)

By    |   Monday, 18 September 2017 08:54 AM

Rolling Stone magazine is up for sale as parent company Wenner Media faces financial pressure, The New York Times reported.

Co-founder Jann Wenner’s 27-year-old son, Gus Wenner, devised the sale plans.

"There’s a level of ambition that we can’t achieve alone," he told the Times. "So we are being proactive and want to get ahead of the curve."

Jann Wenner added he hoped the publication would attract the attention of a buyer who "had lots of money" and who understood the mission of Rolling Stone.

Reuters noted that the sale plans come at a time when Rolling Stone is experiencing declining ad revenues and financial pressure.

Last year, Jann Wenner sold a 49 percent stake in Rolling Stone to Singapore-based music technology company Bandlab Technologies.

Not long after that the Wenners opted to sell off two other magazine titles, Us Weekly and Men’s Journal, both belonging to Rolling Stone’s parent company, Wenner Media. American Media Inc., led by David J. Pecker, bought those titles, the Times noted.

News of the potential sale comes on the eve of Rolling Stone’s 50th anniversary and marks the end of an era for Jann Wenner, who redefined American pop culture with his edgy ideas and hard-hitting reporting style.

"The idea for starting Rolling Stone came when I was 21 years old and I couldn’t find a full-time job," Jann Wenner told AnOther Magazine recently.

The publication started as a bi-weekly but eventually flourished into an iconic magazine that nurtured the voice of top writers, including the father of gonzo journalism, Hunter S.Thompson, according to Jann Wenner's website.

"I love my job, I enjoy it, I’ve enjoyed it for a long time," 71-year-old Jann Wenner told The New York Times, adding that letting go is "just the smart thing to do."

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Rolling Stone magazine is up for sale as parent company Wenner Media faces financial pressure, The New York Times reported.
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2017-54-18
Monday, 18 September 2017 08:54 AM
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