Rolling Stone owner mulls options for majority stake in magazine
Mumbai: The owner of Rolling Stone magazine said it’s exploring strategic options for its majority stake, signalling co-founder Jann Wenner is preparing to relinquish control of the half-century-old iconic music publication.
Wenner Media LLC hired Methuselah Advisors, the company said in a statement late Sunday. The company didn’t say whether Wenner is in talks with any potential suitors.
Founded in 1967, Rolling Stone became a fixture of American pop culture, helping launch the careers of writers and creative artists over 50 years. But like many of its peers, the magazine has steadily lost advertising and readership to nimbler online alternatives over the years.
The announcement comes almost a year after Wenner announced the sale of a 49% stake in the magazine to Singapore-based BandLab Technologies, a budding digital music company co-founded by the scion of one of Asia’s richest families.
BandLab declined to comment on Wenner’s latest statement. Bloomberg