Jann Wenner, the founder, and publisher of the 50-year-old American biweekly magazine has officially notified the general public of his plans to sell the remaining 51% stake of the magazine.
This development is the most recent sign that Rolling Stone, like most print businesses, is undergoing a difficult economic period. About a year earlier, the publishing company Wenner Media sold a 49% share in the magazine to BandLab Technologies, the social-music company based in Singapore under undisclosed terms. At the time, Gus Wenner described the arrangement as an action plan for the growth of the company which he deemed was an association that would bring success.
The Winners also recently sold the US weekly and Men’s Journal, the Rolling stone’s other two magazines to the publisher of the National Enquirer, American Media and now, a year later, 27-year-old Gus Wenner is looking for ways to sell the other 51% stake
Facing a tough Environment
Despite the magazine’s reputation as a voice for music fans for golden jubilee years now, the company has been facing issues with the new trend to digitally engaging contents. The Magazine which was founded by Jann Wenner and Ralph Gleason, the music critic is an icon of music success, US politics, and socially relevant information.
Though the company boasts of a wide reach of 60 million readers a month with a significant growth in the digital and social media world, the company is of the strong opinion that its sale to an organization with its goals and visions in mind is the best move to transform the magazine into a fruitful venture that cuts across different sections and industries. The company made no indication whatsoever as to if it is in contact with prospective buyers.