The iconic music magazine Rolling Stone is going to the highest bidder after the founder decides to sell to someone with “lots of money”.
Just before Rolling Stone hits its 50th anniversary mark the massively popular music magazine is being put up for sale by founder Jann Wenner. Along with his son Gus, Jann has decided to move away from his ownership of Rolling Stone due to how different the industry is, and also likely having already had an incredible 50 year run with Rolling Stone.
Speaking to the New York Times, Wenner said: “I love my job, I enjoy it – I’ve enjoyed it for a long time.” However he concedes that moving on from the magazine was “just the smart thing to do”. Wenner also shared that he hopes the magazine can go to someone who understands and will continue Rolling Stone’s mission and legacy, but also has “lots of money”.
Son Gus admitted that: “There’s a level of ambition that we can’t achieve alone. So we are being proactive and want to get ahead of the curve. Publishing is a completely different industry than what it was. The trends go in one direction, and we are very aware of that.”
Wenner retains a 51 percent stake majority in the business after selling 49 percent last year to BandLab Technologies. Both Jann and his son Gus hope to continue their involvement with Rolling Stone after the sale but will leave that at the new owner’s discretion.