Penske Media snaps up majority stake in Rolling Stone magazine

Its covers have featured rock royalty and political leaders and now, 50 years after its launch, the iconic music magazine Rolling Stone has been sold by its founder.

Penske Media, the owner of Variety magazine, will take a controlling stake in a deal which values it at around $110 million (£82 million).

From Sir Paul McCartney via Jay-Z to Pope Francis, Rolling Stone has covered music, politics and culture and its front covers were for many years the ultimate symbol of having made it.

It was founded in 1967 by Jann Wenner and Ralph Gleason and Wenner will remain editorial director.

Media investor Jay Penske said he hoped Rolling Stone will continue “to ascend for decades across multiple platforms”.

He added: "Our interest in Rolling Stone is driven by its people, its cultural significance and the globally recognised brand that has no peer in its areas of influence.”

The magazine was put up for sale in September.

Singapore-based music start-up BandLab Technologies, which has a 49% stake, will continue as Wenner Media’s partner.