Tuesday, 17 October, 2017

Rolling Stone Put on Auction Block

Los Angeles California.													  2014 AFP Los Angeles California. 2014 AFP
Earnest Maxwell | 19 September, 2017, 00:54

"There's a level of ambition that we can't achieve alone", he told the Times.

While both Wenner and his son Gus, who is the title's president and chief operating officer, told the Times they plan to stay at the magazine, they acknowledged that the ultimate decision on that will be up to any potential new owner.

The magazine has been under financial pressure since it lost a lawsuit over a campus rape story published in 2015. It retracted the story in 2015, and paid out a defamation settlement.

Erdely's Rolling Stone article about Coakley's three-hour long gang rape on top of broken glass at a fraternity party sparked a national uproar.

Wenner Media said it was exploring "strategic options" in an effort "to best position the brand for future growth".

As it is known, Rolling Stone sold 49 percent of its shares to Singapore's start-up music and technology company BandLab Technologies a year ago, owned by Kuok Meng Ru, heir to one of Asia's richest families.

"I think it's time for young people to run it", Wenner, who founded the magazine in 1967, said. "Or they could go quarterly, but it stands to reason that Rolling Stone would live on in some printed form".

"There is one level of ambition we cannot achieve ourselves, so we are proactive and want to be ahead", Gus Wenner told New York Times on Sunday (17/09/2017). Wenner Media said Methuselah Advisors had been retained as financial adviser. This move could leave Rolling Stone out of 71-year-old founder Jann Wenner's hands for the first time in the publication's history. That sale came months after Wenner sold its Us Weekly to American Media. But letting go is "just the smart thing to do", he added.

Rolling Stone previous year sold a 49% stake to a Singaporean music and technology start-up, BandLab Technologies, which is headed by Kuok Meng Ru, the scion of one of Asia's richest families. But it was Rolling Stone that helped guide, and define, a generation, the Independent noted.

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