Rolling Stone is putting itself up for sale

'Rolling Stone' Magazine Founder Jann S. Wenner Selling His Stake

The announcement follows Wenner Media's sale of 49 percent of Rolling Stone to Singapore-based digital music company BandLab Technologies past year.

"There's a level of ambition that we can't achieve alone", Gus Wenner told The New York Times.

Jann Wenner and his son Gus, who now runs Wenner media, announced Sunday they would be selling of Rolling Stone magazine. The 2014 article "A Rape on Campus", which discussed an unproven gang rape at the University of Virginia, became a famous black eye for the magazine, leading to embarrassing reports about unethical journalistic practices as well as three libel lawsuits.

This affair dealt a serious blow to the magazine's reputation and finances, and may have influenced the publisher's decision to sell Rolling Stone.

Until recently, Wenner Media was among the largest independent publishers still operating primarily in the print field, with titles Us Weekly and Men's Journal rounding out its portfolio of magazines.

Wenner Media said it was exploring "strategic options" in an effort "to best position the brand for future growth".

Since its founding in 1967, Rolling Stone has been a mainstay of music journalism and pop culture; it has also published in-depth features and investigative reporting.

It has remained under the control of his company, Wenner Media, since then.

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".

Jann Wenner's 27-year-old son, Gus, has been serving as COO of Wenner Media. But selling now is "just the smart thing to do", he said.

Struggling for finances, Rolling Stone in 2016 sold a 49% stake to a Singaporean music and technology start-up, BandLab Technologies, which is headed by Kuok Meng Ru, who belongs to one of the Asia's richest families. Rolling Stone also paid out $1.65 million to the Phi Kappa Psi chapter at UVA after the fraternity sued for $25 million.

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