Rolling Stone Turns 50…. and Bucks Print Media Trends to Become Debt Free
At 50, Rolling Stone magazine has a lot to be thankful for besides being one of the last remaining bastions of rock ‘n’ roll journalism on newsstands.
According to Bloomberg, the magazine will finally be debt-free for the first time in the last decade, after parent company Wenner Media’s recent sale of Us Weekly for $100 million.
That bucks the downward overall trend in print media.
Also, the company has its sights set on the future with 26-year-old Gus Wenner, founder/publisher Jann Wenner’s son, heading up Rolling Stone digital. Though largely inexperienced in the ways of media, some in the company see him as just what the company needs to reach a new, lucrative millennial audience.
But the Wenners still have a tough road ahead. The company is still feeling the financial sting from a rescinded 2014 story alleging an on-campus gang rape on the University of Virginia campus. Wenner Media must again go to court this year to face new fallout from the article.
Below, watch a segment from ABC News about the article in question.