WION Web Team Delhi, India
Dec 21, 2017, 10.20 AM
Penske Media Corp. announced Wednesday night it was making a strategic investment in Wenner Media which owns Rolling Stone -- the iconic pop culture and music magazine founded a half-century ago.
The companies made the investment announcement without disclosing any financial terms of the deal.
In a statement, the companies said, the New York-based Wenner Media will maintain editorial oversight of Rolling Stone, which will remain an independent authority on U.S. pop culture and political coverage.
Penske Media Chairman and Chief Executive Jay Penske said in a statement, “Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally recognized brand that has no peer in its areas of influence. We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple platforms.”