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Media investor Jay Penske takes controlling stake in Rolling Stone

He will help revive the financial health of the iconic magazine; founder Jann Wenner gets new role

Published Thu, Dec 21, 2017 · 09:50 PM
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New York

MEDIA investor Jay Penske on Wednesday announced a stake in Rolling Stone to revive the financial health of the iconic magazine of music and counterculture, with founder Jann Wenner preserving a role.

The investor's Penske Media did not reveal terms of the deal but several media outlets including Variety, one of his titles, said the media company was spending US$100 million for a controling stake.

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