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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.