Penske Media Corporation has acquired a authoritative absorption in Wenner Media, ancestor aggregation of the iconic annual Rolling Stone, the aggregation appear Wednesday.
PMC will advance in Wenner Media at a appraisal aloof over $100 million, according to sources abutting to the transaction. BandLab, a Singapore-based aggregation that acquired a 49% allotment of the magazine, will absorb its stake.
Jann Wenner, who co-founded Rolling Stone in 1967 as a countercultural articulation that went on to transcend the apple of bedrock ‘n’ roll, will abide with Rolling Stone as beat director, continuing to adviser action for the brand.
“I am so appreciative of our accomplishments over the accomplished 50 years and apperceive Penske Media is the ideal bout for us to advance in today’s media landscape,” said Wenner in a statement.
As allotment of the deal, Wenner Media will absorb “majority ascendancy and beat oversight” of Rolling Stone, according to the columnist release.
“We accept such a different and appropriate artefact in Rolling Stone, and we are aflame to body on its able foundation and advance in its approaching through this partnership,” said Gus Wenner, who will break on as able-bodied as president/COO of Wenner Media.
The advance has been accomplished and the alteration to the Penske Media belvedere is accepted to action over the abutting six months. PMC emerged from a accumulating of bidders that reportedly looked to acquirement the absolute Rolling Stone pale including an broker accumulation led by Azoff MSG Ball CEO Irving Azoff; Madison Square Garden administrator James Dolan, Playboy annual buyer Rizvi Travers and above Guggenheim Partners admiral Todd Boehly.
Since its bearing as a book advertisement that about authentic bedrock ‘n’ cycle and arch artists from The Beatles to Led Zeppelin, Rolling Stone has adapted itself into a multimedia cast that additionally covers added worlds from backroom to Hollywood with accent journalism. A two-part HBO documentary, “Rolling Stone: Stories From the Edge,” acclaimed the publication’s 50th ceremony aftermost month.
But the annual cast has faced challenges in contempo years as Wenner Media was overladen with debt afterwards affairs aback a pale in Us Weekly for $300 actor in 2006. That cast has back been awash off, as able-bodied as added Wenner titles including Men’s Journal, paving the way for the Wenner ancestors and PMC to reinvest in the brand.
PMC will attending to abate aggregate from Rolling Stone’s agenda operations to its accident business. The Wenner pale represents the better accretion yet for PMC architect and CEO Jay Penske, who has rapidly developed a portfolio in contempo years that includes Robb Report, Conde Nast’s Fairchild Fashion Media assemblage (the ancestor aggregation of business-to-business brands including Women’s Wear Daily) and Indiewire. PMC is the ancestor aggregation of Variety, which Penske acquired in 2012.
“Our absorption in Rolling Stone is apprenticed by its people, its cultural significance, and the globally-recognized cast that has no associate in its areas of influence,” said Penske. “We accept that Penske Media is abnormally able to accomplice with the Wenners to ensure the cast continues to arise for decades beyond assorted media platforms—we’re acquisitive to get started.”
The acquirement continues PMC’s amplification in the ball agreeable and account businesses. Rolling Stone will abide to be based in New York, but is accepted to move out of its accepted home to PMC’s Manhattan address ancient abutting year.
The accord comes as the music business area Rolling Stone fabricated its name is ability a awakening afterwards years of struggles to acclimate to the agenda era. Record labels are convalescent as alive platforms like Spotify and Apple Music pave new paths to monetization. The all-around recorded music industry is accepted to abound to $41 billion by 2030, according to a Goldman Sachs assay in September, $34 billion of which will appear from alive revenues.
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