Wenner Media Explores Options for Rolling Stone

'Rolling Stone' Magazine Founder Jann S. Wenner Selling His Stake

The magazine has built a reputation over its 50-year history for being the voice for generations of music lovers, with a focus on pop culture and politics.

"There's a level of ambition that we can't achieve alone", Mr Wenner, president of the media group, told the New York Times. Months earlier, the magazine settled claims in a $3 million defamation case over a lawsuit filed by a U-Va. administrator who was a key figure in the story. The reports thereafter emerged that Rolling Stone did not follow basic journalistic procedures of checking facts.

"Publishing is a completely different industry than what it was", he added.

"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".

Jann Wenner's 27-year-old son, Gus, has been serving as COO of Wenner Media.

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"I love my job, I enjoy it, I've enjoyed it for a long time", Jann said.

The owner of Rolling Stone magazine said it's exploring strategic options for its majority stake, signaling co-founder Jann Wenner is preparing to relinquish control of the half-century-old iconic music publication.

In an interview with the New York Times, Jann Wenner, who founded the magazine in 1967, while he was a student hippie at the University of Berkeley, explained that he wanted to see his title taken over by a family business. In an interview with The New York Times on Sunday, the father-son duo told the newspaper that the future looked hard for Rolling Stones.

Last year, they had already divested a 49 per cent stake in the magazine to Singapore's BandLand Technologies.

Since Rolling Stone's deal with BandLab, the company has struck a partnership with Heritage Guitar owners and developer PlazaCorp to turn a guitar-making site in Kalamazoo, Michigan, into a national music destination.

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