Penske Media has acquired a controlling stake in Wenner Media, the publisher of the famed Rolling Stone magazine, the companies announced on Wednesday.
The investment values Wenner Media at roughly $100 million, according to a person familiar with the deal. BandLab Technologies, a Singapore-based music technology company, will retain a 49-percent stake in Rolling Stone that it acquired last year.
Jann S. Wenner, the co-founder of Rolling Stone, will stay on at Wenner Media as its editorial director. His son, Gus Wenner, will remain president and chief operating officer and will also join the advisory board of Penske Media, whose properties include Variety, Deadline and WWD.
“I am so proud of our accomplishments over the past 50 years and know Penske Media is the ideal match for us to thrive in today’s media landscape,” Jann Wenner said in a statement.