Wenner Media is selling its controlling stake in Rolling Stone, the iconic counter-culture magazine of the baby boomer generation. Founded by Jann Wenner in a San Francisco loft in 1967, the magazine is being sold in an effort to "best position the brand for future growth."
Known for its deep investigative journalism, the pop-culture mainstay, synonymous with boomers and Gen-Xers, failed to adapt to the changing media landscape and appeal to millennials. Gone are the days where music fans by glossy 50-page magazines although Wenner Media claims they have grown their online traffic by 50 percent through social media and other platforms.
Rolling Stone also faced one of the biggest blows to its reputation three years ago when it ran a botched story on an unproven gang rape at University of Virginia.
In an interview with the New York Times, the Wenner's said they are trying to get ahead of the curve and plan to stay at the magazine. "Publishing is a completely different industry than what it was," Gus Wenner explained. "The trends go in one direction, and we are very aware of that."