(UTV|COLOMBO) – Rolling Stone magazine is getting a new majority owner.
Media investor Jay Penske said his firm Penske Media was buying a 51% stake in the publication from New York-based Wenner Media.
The 50 year old magazine is best known for covering music and popular culture, but also features political journalism and commentary.
Founder Jan Wenner started the magazine in San Francisco in 1967 with music critic Ralph Gleason.
It has remained under the control of his company, Wenner Media, since then. Singapore-based BandLab Technologies also owns a 49% stake in the publication.
No financial details were disclosed, but under the deal, Mr Wenner will be appointed editorial director.
Courtesy: BBC
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