Controlling stake of Rolling Stone magazine up for sale
So far, after ruling for over a half century propelling itself into realm of rock stars and celebrities who graced on covers, Rolling Stone magazine is now in trouble water due to some financial crises and its fame or journalistic reputation got badly bruised around three years ago in connection to the publication of a misreported gang rape story at University of Virginia. In the aftermath of all these, the world’s most iconic music magazine is now letting go because of the difficult time and uncertain future on its own.
Launched at San Francisco in 1967 by Jann S. Wenner, then just a 21-year-old man, Rolling Stone would become the counterculture bible for baby boomers. But the headwinds buffeting the publishing industry, and some costly strategic missteps, have steadily taken a financial toll on the magazine. Rolling Stone’s parent company, Wenner Media recently sold the company’s other two magazines, Us Weekly and Men’s Journal. And last year, they sold a 49 percent stake in Rolling Stone to BandLab Technologies, a music technology company based in Singapore.