Rolling Stone is being put up for sale, according to the New York Times. Ahead of the magazine’s 50th anniversary, founder Jann Wenner has decided to relinquish ownership to the highest bidder.
Wenner Media, which sold off a 49% stake in Rolling Stone to Singapore-based Bandland Technologies in 2016, announced that it has retained Methuselah Advisors to explore “strategic options for its majority interest in Rolling Stone to best position the brand for future growth.”
“Rolling Stone is a uniquely powerful brand with enormous opportunities to succeed in today’s environment,” said Gus Wenner, president and chief operating officer of Wenner Media and Jann Wenner’s son.
He said in a statement that the company has “made great strides transforming Rolling Stone into a multi-platform company.”
Headquartered in New York, Rolling Stone is owned by privately-held Wenner Media and BandLab Technologies.
The magazine has moved away from its core coverage of the music industry, investing more time and resources into politics and culture reporting.
The company recently sold its two other magazines, Us Weekly and Men’s Journal, highlighting the struggles of the industry as advertising revenues fall in an increasingly competitive online age.