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
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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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