High roller gets mag for $100M

STORIED POP culture magazine Rolling Stone has a new owner.

Penske Media, the company that owns entertainment trade publications Variety and Deadline, bought an ownership stake in Wenner Media, the corporation that founded Rolling Stone five decades ago.

The deal is valued at over $100 million, Variety reported.

Rolling Stone co-founder Jann Wenner is staying on the board as an editorial director for the biweekly music and news magazine.

“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,” Wenner said.

BandLab Technologies, which purchased 49% of Rolling Stone last year, will keep its investment.

Rolling Stone, founded in 1967, has long been a leader in music and pop culture journalism.

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