On the eve of its 50th anniversary, Rolling Stone is being put up for sale.
Jann S Wenner, the 71-year-old co-founder of the iconic magazine, told the New York Times that he is selling his controlling stake in the company.
He told the New York Times that this action was ‘just the smart thing to do’.
‘Publishing is a completely different industry than what it was,’ he told the Times. ‘The trends go in one direction, and we are very aware of that.’
Wenner’s 27-year-old son, Gus, is working out the details of the sale. Gus is the president and chief operating officer of Wenner Media.
The larger conglomerate has already sold off Us Weekly and Men’s Journal. Both were bought by American Media Inc.
Rolling Stone is the only magazine left in Wenner Media’s portfolio.
Jann Wenner, 71, is pictured speaking this past April. He told the New York Times that he is selling his controlling stake in Rolling Stone, the magazine he co-founded nearly 50 years ago
Pictured is a recent Rolling Stone cover that drew both praise and criticism. It features Canadian Prime Minister Justin Trudeau and asks: ‘Why Can’t He Be Our President?’. The liberal magazine has frequently criticized Republicans and is highly critical of Donald Trump, the current United States president
In 2016, BandLab Technologies bought a 49 percent stake in Rolling Stone.
The magazine was first published in November 1967, and established itself as an authority on popular music and the counterculture movement.
The magazine was founded by Wenner, who is originally from New York City and attended but did not graduate from the University of California, Berkeley and Ralph J Gleason.
Noted contributors included ‘Fear and Loathing in Las Vegas’ author Hunter S Thompson and ‘Bonfire of the Vanities’ author Tom Wolfe.
Celebrities from Yoko Ono and John Lennon to Kurt Cobain and Justin Timberlake have graced its cover, a monthly who’s who of the zeitgeist.
The magazine has also been noted for its liberal political coverage, particularly during the Republican presidencies of George W Bush and Donald Trump.
This past summer, the magazine ran a cover with Canadian Prime Minister Justin Trudeau that read: ‘Why Can’t He Be Our President?’.
The magazine has featured countless celebrities from music to politics over the years, such as Justin Timberlake (left) and Madonna (right)
Pictured is a Rolling Stone cover featuring former President Barack Obama. He was interviewed by Wenner himself for the magazine
The magazine drew criticism for a story about an alleged rape on the University of Virginia’s campus that was later proven to be untrue
In 2014, the magazine published a story about a University of Virginia student who falsely accused members of Phi Kappa Psi fraternity of rape.
Pictured is Gus Wenner, the 27-year-old son of Jann Wenner, at an event in 2015. Gus is the president and chief operating officer of Wenner Media
The fallout from the false story resulted in widespread ridicule of the magazine.
In June 2017, a lawsuit filed by the fraternity against the magazine resulted in a $1.65million settlement.
The magazine was also criticized for running a cover with a picture of the 2013 Boston Marathon bomber.
It is not clear whether Jann and Gus will remain on board with the company following a sale. It is also not clear which company might buy Rolling Stone.
Wenner has three sons with his ex-wife, Jane Schindelheim: Alexander Jann, Theodore ‘Theo’ Simon, and Edward Augustus (Gus). He has adopted three children with his partner, Matt Nye: Noah, Jude and India Rose.