Rolling Stone magazine up for sale

19 September, 2017, 00:55 | Author: Pamela Mathis
  • 'Rolling Stone' Magazine Founder Jann S. Wenner Selling His Stake

The announcement follows Wenner Media's sale of 49 percent of Rolling Stone to Singapore-based digital music company BandLab Technologies a year ago.

"There's a level of ambition that we can't achieve alone", he told the Times. But in 2014, its reputations and finances got a serious hit when it retracted a story about an alleged gang rape at the University of Virginia.

In June, Rolling Stone reached a $1.65 million settlement with the UVA fraternity that sued the magazine over the way it was depicted in the discredited article.

The Independent noted that Rolling Stone magazine became the counterculture bible for the baby boomers.

One of the few independent print publications, and rarer still, one of the few print magazines still published by the original founder, Rolling Stone has defined and critiqued pop culture in the U.S. for over 50 years.

'Rolling Stone' Magazine Founder Jann S. Wenner Selling His Stake
Rolling Stone magazine to be sold, longtime owner says

"Rolling Stone is a uniquely powerful brand with enormous opportunities to succeed in today's environment", says Gus Wenner, president and chief operating officer of Wenner Media.

"The plan a year ago, when the transaction was announced, was for Kuok to start up Rolling Stone International, which "the partners hope can use the brand to delve into concerts, merchandising and hospitality" in the Pacific region, as Bloomberg's Yoolim Lee reported".

"I love my job, I enjoy it, I've enjoyed it for a long time", the elder Wenner told the New York Times. "But letting go, he added, was 'just the smart thing to do'". This move could leave Rolling Stone out of 71-year-old founder Jann Wenner's hands for the first time in the publication's history.

Last year, the BrandLab Technologies, a young company from Singapore dedicated to the music and founded by the son of the billionaire singaporean Kuok Khoon Hong, has acquired 49 % of the share capital of the flagship magazine.

GotNews' reporting was used throughout the trial against Rolling Stone. Rolling Stone defined cool, cultivated literary icons and produced star-making covers that were such coveted real estate they inspired a song.

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