'Rolling Stone' bought by Penske Media (who own 'Variety,' 'Deadline' & more)

His son, Gus Wenner, will continue as president/COO.

According to Deadline, PMC will beef up the magazine's content and soon announce an editorial lineup.

Now, a media firm named Penske Media owned by Jay Penske will be buying 51% stakes in this NY based publication. PMC will invest in areas like the live event business and licensing.

Variety, which was bought by Penske in 2012, reports that several bidders were kicking the company's tires before Penske's announcement last night: Azoff MSG Entertainment CEO Irving Azoff and Madison Square Garden chairman James Dolan; Rizvi Travers, owner of Playboy; and Todd Boehly, the owner of Billboard, The Hollywood Reporter, SPIN, Vibe and Stereogum (all within a group that is reportedly up for sale itself).

Penske closed the deal today after a final meeting with Wenner.

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. In that time, the magazine had become terrifically profitable, and in order to reacquire the half of it he had sold to Disney for $40 million, Wenner borrowed $300 million, saddling his company with debt. He has sold off those other assets. Its standing also was badly damaged after it retracted a discredited 2015 article about a brutal gang rape at a University of Virginia fraternity.

Pakistan Govt Request to Facebook for Restricting Content Rise Sharply
The United Kingdom was number three in the list with 6,845 user data requests and asking for access to 8,167 user accounts. Sonderby added Facebook "carefully scrutinize" each request received for account data to ensure it's legally sufficient.

Despite being renowned for its music coverage, political journalism soon became a staple of the publication, which featured a number of great writers, such as Joe Klein, Hunter S Thompson and Tom Wolfe.

He further said the reason of investing in Rolling Stone is the cultural significance it has in the global market.

Jann Wenner called the partnership "an ideal match", while Gus Wenner said, "We are thrilled for this opportunity to grow our business together".

However, Penske Media has specified that Jay Wenner will be kept on as the editorial director of the company.

Wenner Media was represented by Methuselah Advisors and Skadden, Arps, Slate, Meagher & Flom LLP.

Mr Penske stated that he is hoping under his ownership the magazine witnesses an ascending growth on multiple media platforms for years to come.

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