Penske Media Corporation Buys Controlling Interest In ‘Rolling Stone’ Parent Company
Penske Media Corporation has acquired a majority interest in Wenner Media. Wenner Media has created several well-known magazine brands such as Men's Health.
Wenner Media's Sale
Many media insiders could consider Wenner Media's most important magazine brand and the crown jewel to be Rolling Stone. The music and current affairs magazine has spent over 50 years covering historical events, interviewing pop culture icons, and reviewing the latest films and music. Earlier this year, Rolling Stone founder Jann Wenner surprised the media industry when he put his stake in Wenner Media for sale.
Wenner received many offers that included Wenner Media's minor owner the Singapore based BandLab, legendary entertainment management icon Irving Azoff, and Playboy owner Rizvi Travers. Despite hearing offers from other businesses, Wenner decided to give controlling interest to Penske Media Corporation.
Penske Restructures Wenner
A crucial part of Penske Media Corporation's reorganization of Wenner Media includes Wenner as the editorial director. Wenner's son, Gus, is expected to take a seat on the Penske Media Corporation's Advisory Board. He will also continue to keep his title as Wenner Media's president and chief operating officer. It has not been announced who will join the Wenners in re-organizing Rolling Stone.
"I am so proud of our accomplishments over the past 50 years and know that Penske Media is the ideal match for us to thrive in today's media landscape," said Jann Wenner.
The $100 Million Magazine
Reports have surfaced that the Penske Media Corporation has valued Rolling Stone at $100 million. Rolling Stone will join Penske Media Corporation's ever-growing portfolio of brands. Penske Media Corporation owns Deadline, IndieWire, HollywoodLive, TV Line, and Variety.
Penske is expected to increase Rolling Stone's presence in live music events, which could mean a stronger presence at festivals such as the Coachella Valley Music and Arts Festival, Lollapalooza Chicago, and Bonnaroo Music and Arts Festival.
"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," said Jay Penske, Penske Media chairman, and CEO.
Major Media Deals
The Wenner Media and Penske Media Corporation deal is not the only major media deal that has happened this year.
Earlier this week, Facebook and Universal Music Group made history when the pop culture giants created a deal that will allow Facebook users to legally incorporate Universal Music Group songs into their social media posts. In addition, Facebook also scored a major opportunity with the WWE as it will exclusively air the 12-episode series: Mixed Match Challenge. The series is expected to feature fighters from the wrestling franchise as they compete in numerous challenges to donate money to their favorite charities.
Lastly, The Walt Disney Company bought crucial entertainment assets from 21st Century Fox. Some of the assets included The Simpsons, the X-Men movie franchise, and Fox Searchlight Pictures for $52.4 billion in stock.
