Rolling Stone Magazine Is Put Up For Sale
- The publisher of Rolling Stone has announced it has put its controlling stake in the magazine up for sale.
The company has already sold off its other titles Us Weekly and Men's Journal to American Media, the publisher of the National Enquirer.
The statement did not say if the company was already in talks with potential buyers.
Singapore-based BandLab Technologies also owns a 49% stake in the publication.
Founder Jann Wenner started the magazine in San Francisco in 1967 with music critic Ralph Gleason. The 50 year-old magazine is best known for covering music and popular culture, but also features political journalism and commentary.
But the magazine has suffered the drops in circulation and revenue that have disrupted much of the print media industry in the online age.
The company said Rolling Stone still reached 60 million readers a month and its digital and social media footprint was growing rapidly.
Wenner Media said it was exploring "strategic options" in an effort "to best position the brand for future growth".
"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," said Wenner's president and chief operating officer Gus Wenner in a statement.
"Publishing is a completely different industry than what it was," Gus Wenner said. "The trends go in one direction, and we are very aware of that."
In an interview with The New York Times, as for who might buy the magazine, Jann Wenner told the Times that he hopes it's someone who both respects Rolling Stone and also has "lots of money."
And the Wenners said they plan to remain at the magazine.
- source : BBC