Fifty years after founding Rolling Stone, Jann Wenner is putting his company's share of the magazine up for sale. “I love my job, I enjoy it, I’ve enjoyed it for a long time,” Mr. Wenner told The New York Times, but added that relinquishing control was “just the smart thing to do.” Added his son Gus Wenner, who's spearheading the sale plans: “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.” Rolling Stone has come under fire in recent years for a retracted and debunked story about sexual assault on a college campus that's led to multiple expensive lawsuit judgments. And, in 2016, Wenner Media sold a 49 percent stake in Rolling Stone to a Singapore-based music company, BandLab Technologies, for $40 million.
Source: New York Times