The iconic Rolling Stone Magazine is up for sale and would sell to the highest bidder for the future growth of the company.
The 50-year-old music and counterculture magazine founded by Jann Wenner in 1967 is putting itself up for sale amid an increasingly uncertain outlook. Wenner, 71, started
Rolling Stone Magazine as a hippie student in Berkeley, California at the time.
However, he now runs it with his son Gus and according to what he disclosed to The New York Times, the future looks tough for a family-run publisher.
“There’s a level of ambition that we can’t achieve alone,” Gus Wenner told the newspaper in a recent interview published late on Sunday.
“So we are being proactive and want to get ahead of the curve,” he added.
Here’s The Complete List Wenner and his son Gus, president and chief operating officer of Wenner Media, were at the interview together.
He revealed that he hopes to find a buyer “with lots of money.”
“Rolling Stone has played such a role in the history of our times, socially and politically and culturally.
We want to retain that position.” The title will celebrate its 50th anniversary in November.
Until recently, Wenner Media was among the largest independent publishers still operating primarily in the print field and undoubtedly one of the most influential magazines covering rock music.
Nevertheless, the magazine’s reputation and finances apparently suffered a major setback after it retracted a 2014 story about an alleged gang rape at the University of Virginia.
There was a review at the time, finding that Rolling Stone did not undertake basic journalistic procedures to verify the facts in the story before running with it.
Last year, the magazine sold a 49% stake to a Singaporean music and technology start-up, BandLab Technologies, headed by Kuok Meng Ru, the scion of one of Asia’s richest families.
Also, the Wenner family earlier this year sold its other two titles including celebrity magazine US Weekly and lifestyle monthly Men’s Journal to American Media, Inc, a publisher of supermarket tabloids including The National Enquirer.
The Wenner enterprise also hit rock bottom in early July when it was revealed that Glixel, the gaming site run out of San Francisco and launched by Gus Wenner, had closed.
The veteran editor (Jann Wenner) who is also a key force behind the Rock and Roll Hall of Fame said he hopes to keep an editorial role at Rolling Stone Magazine, a decision which would be determined by its new owner.
In the meantime, a diminished Rolling Stone staff occupies a small area on the second floor of 1290 Ave. of the Americas.