Magazine-media. Jay Penske’s eponymous media company, which last year paid an estimated $51m for 51% control of the legendary Rolling Stone magazine from founder Jann Wenner, is reportedly investing a further $10m in a July relaunch, with “15% more” journalists and content, including headhunts from Complex Media, the LA Times and Mother Jones. The 51-year-old magazine (whose 49% minority shareholder is the fast-growing Singapore-based music-making site BandLab) is managed by Penske Media Corp whose digital and magazine brands include Variety, Deadline, MovieLine, Women’s Wear Daily, IndieWire, SheKnows, Hollywood Life, Robb Report and Beauty Inc. Jay Penske is seen by staffers as something of a saviour of print for what he did at Variety, with his launch of women’s magazine Muse from the Robb Report, and now with Rolling Stone. The 15-year-old New York-based company, which claims a monthly all-media audience of 180m, is controlled by the founder, digital entrepreneur (and sometime racing driver) who this year sold a minority stake to Saudi Arabia’s Public Investment Fund. That $200m investment (for a stake of some 20%) is expected to lead to larger (and more international) deals by the already highly-acquisitive Penske. Observers also expect a $1bn+ IPO in the next year or two. But, before that, we know who will be at the front of the line if Advertising Age, Folio, New York magazine or almost anything from Condé Nast comes up for sale. Perhaps Meredith’s for-sale Time or Sports Illustrated too?
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‘Penske the print’ invests in Rolling Stone
