Penske Media Acquires Majority Stake in Rolling Stone

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Penske Media, the publisher that owns trade publications like Variety and WWD, is buying a majority stake in Wenner's Wenner Media, which in turn gives it control of Wenner's 51 percent stake of Rolling Stone.

The owner of entertainment industry title Variety has bought a controlling stake in Rolling Stone magazine. The Singapore-based BandLab Technologies, a social networking company focused on musicians and fans, which purchased a minority stake in Rolling Stone itself a year ago, for a reported $40 million, will retain its share and oversight of the magazine's global business.

Rolling Stone's co-founder Jann Wenner, the head of Wenner Media, is staying on board as an editorial director for the biweekly music and news magazine he helped create.

Rolling Stone magazine has a new owner.

Rolling Stone serialized Thompson's "Fear And Loathing In Las Vegas" as well as works by author Tom Wolfe, and featured cover photographer to rising photographer Annie Leibovitz in its heyday. Jan started the magazine in the city of San Francisco in 1967 with music critic Ralph Gleason.

Since its beginning, Rolling Stone gave a voice to the baby-boomer generation and redefined music as a cultural force.

Rosie O'Donnell Offers Senators Cash To Reject Tax Bill
If she was, that would constitute a felony, as right wing sites, like The Daily Caller , have been quick to point out . Plus, everyone knows if you want to buy politicians legally all you have to do is set up a Super PAC.

Well before that stain on its reputation, however, Rolling Stone suffered significant growing pains in adapting to the digital era.

This article was originally published at 8:50 p.m. When kidnapped heiress-turned-bank robber Patty Hearst was apprehended in 1975, Rolling Stone scooped the mainstream press with an in-depth report detailing her activities following her abduction by the Symbionese Liberation Army, a radical fringe group.

With the magazine, Wenner seized the freewheeling culture of the 1960s and 1970s and spun it into a publication that some of the baby-boomer ilk came to call "The Bible".

Second, his refusal to offload Rolling Stone at the height of its value a few years later, around 2008.

In any case, it's no longer Jann Wenner's problem. In the mid-1990s, an affair Wenner was having with a young male fashion designer catapulted him into the gossip pages alongside some of his subjects.