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Friday, February 1, 2019

PENSKE ACQUIRES ALL OF ROLLING STONE

Penske Media has purchased the 49% of Rolling Stone it did not own, putting the venerable pop culture magazine wholly in the hands of Jay Penske.

Penske’s PMC, which acquired a controlling interest in Wenner Media in December 2017, also owns the related event and licensing rights plus Rolling Stone International.

In a statement, Penske said, “In the 12 months since PMC’s initial investment into this incredible team and legendary brand, the need to consolidate the Rolling Stone business has become abundantly clear and something that BandLab and their leadership team also recognized and were in full support of. It’s with their confidence and blessing that we were able to put together a deal that was best for all parties.”

Penske already owns Variety and WWD and in November purchased ARTnews and Art in America.

 
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