April 6, 2018
Wenner Media’s “source for all things pop culture, music and art” will now be under the same media portfolio as
Women’s Wear Daily,
The financial terms of the agreement were not disclosed; however, the investment will see
bolstered by Penske’s media portfolio, which includes
Women’s Wear Daily
. The publication will also benefit from a renewed focus on growth and quality journalism, according to the Penske.
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
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 acrossmultiple media platforms–we're eager to get started.”
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