Rolling Stone founder is officially selling out
From a loft in San Francisco in 1967, a 21-year-old named Jann S. Wenner started a magazine that would become the counter-culture bible for baby boomers.
Rolling Stone defined cool, cultivated literary icons and produced star-making covers that were such coveted real estate they inspired a song.
But the headwinds buffeting the publishing industry, and some costly strategic missteps, have steadily taken a financial toll on Rolling Stone.
So after a half-century reign that propelled him into the realm of the rock stars and celebrities who graced his covers, Wenner is putting his controlling stake in Rolling Stone up for sale, relinquishing his hold on a publication he has led since its founding.
Wenner had long tried to remain an independent publisher in a business favouring size and breadth. But he acknowledged in an interview last week that the magazine he had nurtured would face a difficult, uncertain future on its own.
“I love my job, I enjoy it, I’ve enjoyed it for a long time,” said Wenner, 71. But letting go, he added, was “just the smart thing to do.”
The sale plans were devised by Wenner’s 27-year-old son, Gus, who has aggressively pared down the assets of Rolling Stone’s parent company, Wenner Media, in response to financial pressures.
The Wenners recently sold the company’s other two magazines, Us Weekly and Men’s Journal. And last year, they sold a 49 per cent stake in Rolling Stone to BandLab Technologies, a music technology company based in Singapore.
Both Jann and Gus Wenner, the president and chief operating officer of Wenner Media, said they intended to stay on at Rolling Stone. But they said they recognised that the decision could ultimately be up to the new owner.
“There’s a level of ambition that we can’t achieve alone,” Gus Wenner said last week in an interview at the magazine’s headquarters in Midtown Manhattan.
“So we are being proactive and want to get ahead of the curve.”
“Publishing is a completely different industry than what it was,” he added. “The trends go in one direction, and we are very aware of that.”
New York Times