×

Penske Media Takes Full Ownership of Rolling Stone

Penske Media Corporation (PMC) has purchased the remaining 49% stake in Rolling Stone from BandLab Technologies, giving the company full ownership of the venerable magazine, including all event and licensing rights, and the parallel entity Rolling Stone International.

In December 2017, PMC acquired a controlling interest in Wenner Media, parent company of Rolling Stone, at a valuation just over $100 million, according to sources close to the transaction.

Said CEO Jay Penske in announcing the news: “In the 12 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. It’s with their confidence and blessing that we were able to put together a deal that was best for all parties. 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.”

Penske went on to praise BandLab CEO Meng Ru Kuok and his team who “stepped up during a transitional and transformational process for the company.”

Other PMC properties include Variety, Deadline Hollywood, WWD, Robb Report, IndieWire, Hollywood Life, Spy, Gold Derby, and TVLine.

Recent Rolling Stone cover subjects have included Jordan Peele, Shawn Mendes, and Zoe Kravitz.

More Biz

  • United States President Barack Obama (L)

    Barack Obama on Kobe Bryant's Death: 'Nothing Is More Heartbreaking'

    President Barack Obama spoke about the heartbreaking deaths of Kobe Bryant, his daughter, Gianna, and the seven other victims of the shocking helicopter crash last month. “That loss is something that I know many are still grappling with — particularly, Kobe, because he was with his daughter and those families and those children. And those [...]

  • Kobe Bryant Dead

    How to Get Tickets to the Kobe and Gianna Bryant Memorial Service

    The Los Angeles Lakers have announced that fans that wish to attend the public memorial of Kobe and Gianna Bryant can register for tickets online beginning Friday. The memorial will take place at 10 a.m. on Feb. 24 at Los Angeles’ Staples Center. Kobe and Gianna Bryant were among the nine killed in a helicopter [...]

  • R Kelly Sexual Assult Accusations Mugshot

    R. Kelly Hit With New Charges Alleging Sexual Abuse Against a Minor

    R. Kelly has been hit with new federal charges in Chicago, alleging that he sexually abused a minor female for four years, beginning in 1997, according to the Chicago Tribune. The superseding indictment, which was made public Friday, alleged Kelly sexually abused a girl who was identified as “Minor 6.” Kelly is already in prison [...]

  • ViacomCBS

    Third Point Adds Stakes in ViacomCBS and Amazon

    Investor Dan Loeb has added small stakes in ViacomCBS and Amazon to the portfolio of his Third Point LLC investment firm during the final months of 2019. Third Point disclosed in a Securities and Exchange Commission filing on Thursday its ownership of shares in the newly merged Redstone empire and the high-flying e-commerce behemoth. Loeb [...]

  • Plume of black smoke rising from

    Universal Music Denies Accusation That It Is Downplaying Damage in 2008 Archive Fire

    The day after Universal Music Group revealed that it is planning an IPO within three years, an attorney for four artists who have claimed to have lost recordings in a 2008 fire that destroyed thousands of assets in the company’s archives has accused UMG of “gamesmanship” and downplaying and refusing to reveal the extent of [...]

  • Eric Braeden celebrates his 40th Anniversary

    TV Iron Man Eric Braeden Marks 40 Years on 'Young and the Restless'

    If not for a tennis game with actor Dabney Coleman in the late 1970s, Eric Braeden might never have landed his signature role as conniving business mogul Victor Newman on CBS’ “The Young and the Restless.” Braeden, 78, has become an Iron Man of daytime soaps who will mark his 40th anniversary on “Y&R” with [...]

More From Our Brands

Access exclusive content