Wenner Media was previously valued at $50 million.
Wenner Media in September said it was exploring strategic options for its majority interest in the Rolling Stone magazine, continuing its shift from print media business amid falling ad revenues. By structuring the transaction as an investment, this prevents BandLabs from buying the whole magazine. His son, Gus Wenner, will remain president and chief operating officer.
Under the deal, New York-based Wenner Media will maintain editorial oversight of Rolling Stone, which will remain an independent authority on US pop culture and political coverage, the companies said in a statement.
Well before that stain on its reputation, however, Rolling Stone suffered significant growing pains in adapting to the digital era. Certainly, for his part, Penske says he is committed to the music title for the longhaul, stating that: "Like all of our investments, our holding period is a very long time".
"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", PMC chairman and CEO Jay Penske reportedly told Deadline Hollywood.
Rolling Stone serialized Thompson's "Fear And Loathing In Las Vegas" as well as works by author Tom Wolfe, and featured cover photographer to rising photographer Annie Leibovitz in its heyday.
In a statement, Gus Wenner said that, "We have such a unique and special product in Rolling Stone, and we are excited to build on its strong foundation and invest in its future through this partnership".
Note that in Rolling Stone's absence, no one has really created a dominant digital destination for music-related content. Perhaps that's also because in a YouTube + Spotify age, there's no reason to read about a band when you can hear and see them with a single push of a button.
Just after that, Wenner made two business decisions that would put him and his businesses in a precarious financial position for years to come.