Jay Penske and his company, PMC, have made their single largest investment ever to acquire controlling interests in Wenner Media, publishers of the definitive music magazine Rolling Stone and related digital assets, for $100 million.
Penske wants to keep the brand operating as a consumer print publication, while leveraging its brand value to expand his reach into the B2B segment and further improve the brand’s digital presence. The shift to streaming music has made the industry an attractive one for businesses to advertise in.
Rolling Stone was founded in 1967 with a $7,500 loan from family members of the founders, Jann Wenner and Ralph Gleason.
It now has over 36 million global monthly views on its digital asset, RollingStone.com, and a bi-weekly print circulation of nearly 1.5 million copies, the bulk of those coming from subscriptions.
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