Jann Wenner is selling a stake in Rolling Stone magazine to Penske Media, a company that owns Variety, Women’s Wear Daily, IndieWire and others. However, Wenner will stay on board as editorial director. Penske Media is making a “strategic investment” in Wenner Media, which owns 51 percent of Rolling Stone. The other 49 percent is owned by a start-up called BandLab Technologies. Penske’s investment values Wenner Media at “slightly more than $100 million,” according to a source that spoke with CNN. Jann Wenner and his son Gus are both shareholders. Gus will stay on as president and COO of Wenner Media. Jay Penske, who runs Penske Media, said that he is partnering “with the Wenners” to keep Rolling Stone thriving “for decades across multiple media platforms.”
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