Rolling Stone Magazine Is Up For Sale

by 9 months ago

Rolling Stone is being put up for sale. On Sunday, the iconic magazine’s founder Jann Wenner and his son Gus Wenner announced the sale. The magazine was founded in 1967 and has been a linchpin of music, politics, and pop culture journalism for 50 years, but the shift in traditional media to online media has presented problems for Rolling Stone. “There’s a level of ambition that we can’t achieve alone,” said Gus, who is president and chief operating officer of Rolling Stone’s parent company, Wenner Media. “So we are being proactive and want to get ahead of the curve. Publishing is a completely different industry than what it was. The trends go in one direction, and we are very aware of that.”

Rolling Stone’s print and online publications reach 60 million people each month, and they said their online traffic has grown by nearly 50 percent over the past three years. However, they have seen the harsh economic realities of the digital age. Last year, Wenner sold a 49 percent stake in Rolling Stone to BandLab Technologies, a music technology company based in Singapore. Now the Wenners are selling the remaining 51 percent, and hope to find a buyer that understands Rolling Stone’s mission. The Wenners want to “find the right home to build on our strong foundation and grow the business exponentially.” Janner also said they are hoping to find a buyer that has “lots of money.”

TAGSGus WennerJann WennerRolling Stone

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