Legendary music magazine Rolling Stone is up for sale
Rolling Stone, a publication whose name is as synonymous with the music and pop-culture that it celebrates, is up for sale, according to the magazine’s founder Jann Wenner.
Founded in 1967 by a then-21-year-old Wenner and Ralph Gleason, Rolling Stone would go on to become considered the bible of counterculture by almost all of its loyal readers, featuring astute critiques, and political insights from journalists such as Hunter S. Thompson.
However, just two months before the magazine’s 50th anniversary, Jann Wenner has decided to put the influential publication up for sale.
“I love my job, I enjoy it, I’ve enjoyed it for a long time,” Jann Wenner told The New York Times, adding that this move is “just the smart thing to do.”
“There’s a level of ambition that we can’t achieve alone,” Jann Wenner’s son Gus stated. “So we are being proactive and want to get ahead of the curve.”
“Publishing is a completely different industry than what it was,” he continued. “The trends go in one direction, and we are very aware of that.”
Just last year, Jann and Gus Wenner sold a 49% stake in the company to BandLab Technologies, a Singaporean music technology company. Now, with the remaining 51% up for sale, the Wenners have stated that they would like to stay on with the company, but noted that it is ultimately up to the decision of the new buyer.
The sale of Rolling Stone also tends to paint a worrying picture for the future of print media. With influential pop-culture magazine Nylon recently announcing the end of its print edition, one could be forgiven for wondering if this sale is indeed just the result of it being the right time, or whether other factors are playing a prominent role in the decision.
While no figures have been mentioned, Jann Wenner has stated that he hopes to find someone who understands, and wishes to continue, Rolling Stone’s mission, and has “lots of money”.
This article originally appeared on The Industry Observer, which is now part of The Music Network.