Wenner Media which this year already sold off two of its magazines Us Weekly and Men’s Journal leaving just its flagship Rolling Stone magazine and a gaming website called Glixel, is now looking to sell the iconic music magazine. Wenner Media only holds a 51% stake in Rolling Stone after selling a 49% stake to Singapore’s BandLab Technologies last year. A full sale of Rolling Stone would pretty much bring an end to the Wenner Media empire. It was expected that Gus Wenner, the son of Rolling Stone founder Jann Wenner would take the helm of his father’s media company but that now doesn’t seem likely as Wenner is looking to get out of the business. The company has already retained financial advisor Methuselah Advisors to run the process. Chances are whoever purchases the title which has editions in Australia, Argentina, Brazil, Colombia, France, Germany, India, Indonesia, Italy, Japan, Mexico and Russia will discontinue print to avoid being trapped in the print related ad revenue collapse. Something Wenner was not willing to do and instead is opting to unload the title. It looks like all a long the sales of the Us Weekly and Men’s Journal was the beginning of Wenner’s exit strategy. Funds from those sales were used to pay off debt and settle legal actions, cleaning the slate. Now with those issues put to bed, Jann Wenner is looking to pocket some money from a potential sale of the magazine he founded a half a century ago and head off into the sunset. Good for him.
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