Rolling Stone magazine is up for sale, as its publisher announces that it is seeking a buyer for its controlling stake in the long-running music publication.
Founded in 1967, Rolling Stone has been known for covering music and pop and counter-culture as well as politics and gonzo-style journalism. Its writers have included the likes of Lester Bangs, Tom Wolfe and Hunter S Thompson.
Founder Jann Wenner – who started the magazine with music critic Ralph Gleason – has controlled the magazine through his company, Wenner Media, since. However, Wenner Media has now said it is exploring “strategic options” in an effort “to best position the brand for future growth”.
“I love my job, I enjoy it, I’ve enjoyed it for a long time,” Wenner, 71, said, describing the business move as “just the smart thing to do.”
“We have made great strides transforming Rolling Stone into a multi-platform company, and we are thrilled to find the right home to build on our strong foundation,” added Wenner’s son and the company’s chief operating officer, Gus Wenner.
“There’s a level of ambition that we can’t achieve alone,” Gus Wenner told The New York Times. “So we are being proactive and want to get ahead of the curve. Publishing is a completely different industry than what it was. The trends go in one direction, and we are very aware of that.”
It is not known whether the company is already in talks with potential buyers. Singapore-based BandLab Technologies already owns a 49% stake in Rolling Stone, acquired last year.
Wenner Media recently sold off other publications, such as Us Weekly and Men’s Journal to American Media.