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Investor takes stake in Rolling Stone, keeping on owner

Wenner launched Rolling Stone in 1967 through a family loan when he was a hippie student in Berkeley, California

AFP | PTI  |  New York 

Investor takes stake in Rolling Stone, keeping on owner

investor has announced a stake in to revive the financial health of the of music and counterculture, with founder preserving a role. The investor's Corp did not reveal terms of the deal but several outlets including Variety, one of his titles, said the company was spending $100 million for a controlling stake. BandLab Technologies, a Singaporean headed by Meng Ru, the scion of one of Asia's richest families, will keep its 49 per cent stake in bought last year, Penske said. launched in 1967 through a family loan when he was a hippie student in Berkeley, Within years he turned the magazine into a bible of rock music coverage and a platform for left-wing politics and experimental journalism by writers such as S Thompson. But even as Rolling Stone's reviews remain among the most closely watched in the music industry, the publication has struggled in an era when independent magazines find it difficult to stay afloat. suffered a major blow when it retracted a 2014 story about an alleged gang rape at the University of Virginia, with a review finding that the magazine ignored basic journalistic practices. Penske said he hoped to ensure that "continues to ascend for decades across multiple platforms." "Our interest in is driven by its people, its cultural significance and the globally recognised brand that has no peer in its areas of influence," Penske said in a statement. will move from serving as Rolling Stone's publisher to a new role of Gus Wenner, Jann's son, will keep his position of of and join the advisory board of Penske Corp, the statement said. called Penske "the ideal match for us to thrive in today's landscape." Founded by in 2003, his company has amassed major titles in entertainment and culture including Variety, one of the most influential outlets in Hollywood, the and the fashion business trend-settler Women's Wear Daily. Penske has also entered the Indian market with com, a portal with news on technology and Bollywood that is a joint venture with Mumbai-based earlier this year sold two magazines, and Men's Journal, to American Media, Inc, the right- leaning publisher of and other supermarket tabloids.

First Published: Fri, December 22 2017. 02:27 IST