‘VARIETY’ OWNER BUYS ‘ROLLING STONE’

The entertainment media company that owns Variety, TV Line, Deadline and other properties has reached a deal to acquire control of iconic music and culture magazine Rolling Stone. Penske Media acquired an ownership interest in Rolling Stone’s majority owner, Wenner Media, shortly after the magazine celebrated its 50th anniversary. The companies did not disclose a transaction price, but Variety reported it valued the magazine at more than $100 million. The deal means that Rolling Stone editor Jann Wenner will relinquish ownership of the magazine he co-founded in 1967.