Rolling Stone Magazine Is Going Up for Sale


Rolling Stone Magazine Is Going Up for Sale

The announcement follows Wenner Media's sale of 49 percent of Rolling Stone to Singapore-based digital music company BandLab Technologies previous year.

"There's a level of ambition that we can't achieve alone", Gus Wenner tells the New York Times from the magazine's headquarters in Midtown Manhattan. Months earlier, the magazine settled claims in a $3 million defamation case over a lawsuit filed by a U-Va. administrator who was a key figure in the story.

If American Media was counteracted also by Rolling Stone, this would mean a change of ideology drastic to the head of the log.

"Publishing is a completely different industry than what it was", he continued.

The controlling interest in the legendary Rolling Stone magazine has been put up for sale, reportedly to raise money to keep the publication afloat. But a decline in print advertising is forcing him to sell his majority stake, although he is hoping that the new owners keep him on.

"There is one level of ambition we cannot achieve ourselves, so we are proactive and want to be ahead", Gus Wenner told New York Times on Sunday (17/09/2017).

The Times' report outlines the ways in which Rolling Stone's influence has waned and reputation suffered over the years, as well as touching on some Wenner business deals that have undermined the company's publishing presence while eroding its ownership stake in RS.

After a half-century as an independent entity - and years in which it enjoyed kingmaker status among hopeful rock "n" roll stars - Rolling Stone is now heading for new ownership. "The trends go in one direction, and we are very aware of that".

"The idea for starting Rolling Stone came when I was 21 years old and I couldn't find a full-time job", Jann Wenner told AnOther Magazine recently. Wenner borrowed $300 million in 2006 to buy back Us Weekly, just five years after he sold it to Disney for $40 million.

GotNews' reporting was used throughout the trial against Rolling Stone.



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