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Rolling Stone 50 years special exhibition at Rock as well as Roll Hall of Fame as well as Museum on August 30, 2017 in Cleveland, Ohio.
Penske Media said late Wednesday the idea is actually buying a majority stake within the Rolling Stone magazine by its completely new York-based publisher, Wenner Media.
Financial terms of the deal were not disclosed in a statement by the companies.
The deal values Rolling Stone at more than $110 million, the Financial Times reported earlier, citing people briefed on the transaction. http://on.ft.com/2BrvPxd
Rolling Stone co-founder Jann Wenner will assume the role of Editorial Director of the magazine after the completion of the deal, according to the statement.
Wenner Media Chief Operating Officer Gus Wenner will become a part of Penske’s advisory board, in addition to keeping his current role.
Wenner Media in September said the idea was exploring strategic options for its majority interest within the Rolling Stone magazine, continuing its shift by print media business amid falling ad revenues.
As part of the agreement, Singapore-based music start-up BandLab Technologies, which currently features a 49 percent stake in Rolling Stone will continue as Wenner Media’s partner within the magazine, the companies added.