Longstanding music publication Rolling Stone has announced that it is currently up for sale, as it’s current publisher has announced that it is seeking a buyer, for the controlling stake in the legendary magazine.
Rolling Stone has been on shelves since 1967, and is considered a symbol of counter culture journalism, as well as being at the forefront of pop culture, as well as forays into politics, and gonzo-style of journalism. Some of their most historically famous writers include Hunter S. Thompson, Lester Bangs, and Tom Wolfe.
The magazine was founded by Jann Wenner, alongside music critic Ralph Gleason, and Wenner has been at the reins ever since, via his company Wenner Media. Now, aged 71, Wenner has confirmed that he and his company are exploring “strategic options” in an effort “to best position the brand for future growth”.
“I love my job, I enjoy it, I’ve enjoyed it for a long time,” explained Wenner, and described the business move as “just the smart thing to do.”
“We have made great strides transforming Rolling Stone into a multi-platform company, and we are thrilled to find the right home to build on our strong foundation,” added Wenner’s son- and the company’s current chief operating officer- Gus Wenner, to the New York Times.
Rather than being seen as a grim indictment of the death of print media, Wenner sees it as an expansion project, claiming “here’s a level of ambition that we can’t achieve alone […] So we are being proactive and want to get ahead of the curve. Publishing is a completely different industry than what it was. The trends go in one direction, and we are very aware of that.”
It is not believed that the company has had any significant approaches for the buyout, having sold a 49% stake in Rolling stone to Singapore-based company Bandlab Technologies, which was acquired last year. Wenner media also recently sold off several other publications, such as Us Weekly and Men’s journal, to American Media.