Wenner Media’s “source for all things pop culture, music and art” will now be under the same media portfolio as Deadline.com and Women’s Wear Daily, among others.
NORTH AMERICA–Penske Media has made a strategic investment in Wenner Media, the majority owner of the pop culture magazine Rolling Stone.
The financial terms of the agreement were not disclosed; however, the investment will see Rolling Stone bolstered by Penske’s media portfolio, which includes Deadline.com and Women’s Wear Daily. The publication will also benefit from a renewed focus on growth and quality journalism, according to the Penske.
Additionally, Rolling Stone co-founder Jann Wenner will become editorial director. Gus Wenner will remain president and chief operating manager and will join Penske Media's advisory board.
"Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally-recognized brand that has no peer in its areas of influence," says Jay Penske, media chairman and chief operating officer, Penske. "We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms–we're eager to get started.”