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Rolling Stone, iconic 50-year-old music magazine, up for sale

Founder tells The New York Times that the future looks tough for a family-run publisher

PTI/AFP  |  New York 

Photo: Wikipedia
Photo: Wikipedia

Rolling Stone, the iconic 50- year-old magazine of music and counterculture, is putting itself up for sale amid an increasingly uncertain outlook, its founder said.

- who started in 1967 as a student in Berkeley, California and now runs it with his son Gus - told The New York Times that the future looked tough for a family-run publisher.

"There's a level of ambition that we can't achieve alone," told the newspaper in an interview published late yesterday.

"So we are being proactive and want to get ahead of the curve," he said.

One of the most influential magazines covering rock music, has also been a home for experimental writers such as the gonzo journalist Hunter S Thompson.

But the magazine's reputation - and finances - were badly damaged when it retracted a 2014 story about an alleged gang rape at the University of Virginia, with a review finding that did not undertake basic journalistic procedures to verify the facts.

Rolling Stone last year sold a 49 per cent stake to a Singaporean music and technology start-up, BandLab Technologies, which is headed by Kuok Meng Ru, the scion of one of Asia's richest families.

It was not immediately known if Kuok would want to take a controling stake in Rolling Stone.

The Wenner family earlier this year sold its other two titles - celebrity magazine US Weekly and lifestyle monthly Men's Journal - to American Media, Inc, a publisher of supermarket tabloids including

If American Media, Inc, were interested in Rolling Stone, it would mark a sharp change in owners' ideologies.

The tabloid empire is led by David Pecker, an ardent ally of President Donald Trump, while Rolling Stone tilts strongly to the left and has featured lengthy interviews with Democratic presidents and

Jann Wenner, 71, who is also a key force behind the Rock and Roll Hall of Fame, said that he hoped to keep an editorial role at Rolling Stone but that the decision would be up to its new owner.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, September 18 2017. 10:13 IST