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Rolling Stone up for sale

By | Published on Monday 18 September 2017

Rolling Stone

Wenner Media is considering putting its 51% controlling stake in Rolling Stone magazine up for sale.

Founded in 1967 by Jann Wenner, the iconic music magazine, which celebrates its 50th anniversary this year, has been struggling of late, as ad revenues and sales both fall. Following numerous staffing cuts, Wenner Media sold a 49% stake in the title to Singapore-based company BandLab Technologies last year.

Despite that cash injection, matters have seemingly not improved for Rolling Stone, with its future remaining uncertain – not least because of the recent $1.65 million settlement of a defamation case relating to its retracted ‘Rape On Campus’ article. As a result, Wenner Media announced yesterday that it is exploring “strategic options for its majority interest in Rolling Stone to best position the brand for future growth”.

Jann Wenner told the New York Times that he is hoping to find a buyer with “lots of money” who understands the magazine. “Rolling Stone has played such a role in the history of our times, socially and politically and culturally. We want to retain that position”, he said.