In late 2017, Penske Media Corporation purchased a 51% controlling stake in Rolling Stone magazine from its founder Jann Wenner. Wenner had resisted selling Rolling Stone for years despite declining sales, and opened up to the idea of selling it off three years ago. The remaining 49% had been purchased by the Singapore-based BandLab Technologies. Now, PMC has confirmed they’ve finally bought the remaining stake of the iconic magazine.
In a memo sent to staff, Jay Penske, PMC Chairman and CEO, confirmed:
“In the twelve months since PMC’s initial investment into this incredible team and legendary brand, the need to consolidate the Rolling Stone business has become abundantly clear and something that BandLab and their leadership team also recognized and were in full support of… We continue to have shared goals and will continue to collaborate in the future. This strategic transaction is a key move for what will be many years of future growth and expansion for Rolling Stone, both domestically and abroad.”