Penske Media has made a strategic investment in Wenner Media, the majority stake holder of the pop culture magazine Rolling Stone.
Though the financial terms of the agreement have not been disclosed, however the investment will see the magazine being bolstered by Penske’s media portfolio which includes Deadline.com and Women’s Wear Daily.
The publication will also benefit from a renewed focus on growth and quality journalism, according to Penske.
Additionally, Rolling Stone co-founder Jann Wenner will officiate as editorial director while Gus Wenner will remain president and chief operating manager. He will join Penske Media’s advisory board.
“Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally-recognized brand that has no peer in its areas of influence,” says Jay Penske, media chairman and chief operating officer, Penske. “We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms–we’re eager to get started,” he added.
