Rolling Stone's Out Editor Puts It Up for Sale

Out media mogul Jann Wenner is putting his iconic magazine Rolling Stone up for sale, but he intends to remain involved with the publication.

His company, Wenner Media, is seeking buyers for its 51 percent share of the magazine, The New York Times reports. Last year Singapore-based BandLab Technologies bought a 49 percent stake in Rolling Stone, which Jann Wenner founded in 1967.

Selling is "just the smart thing to do," Wenner told the Times in an interview published today.

"There's a level of ambition that we can't achieve alone," added his son Gus, who is president and chief operating officer of Wenner Media. "So we are being proactive and want to get ahead of the curve. ... Publishing is a completely different industry than what it was. The trends go in one direction, and we are very aware of that."

Rolling Stone, founded as a rock music magazine, has remained a leading publication in that field but has evolved to include other forms of entertainment as well as extensive coverage of politics and social issues, with a liberal point of view. The magazine has "helped guide, and define, a generation," the Times notes.

But 2014 article on an alleged gang rape at a University of Virginia fraternity house led to trouble for Rolling Stone, with the magazine ultimately having to retract the story and pay out millions of dollars to settle defamation lawsuits from the fraternity and a university administrator. The magazine has also suffered from declines in print advertising and circulation, the Times reports.

Last year Wenner Media sold its two other magazines, Men's Journal and Us Weekly. Jann and Gus Wenner said they hope to remain involved with Rolling Stone, although whether that happens will be up to the new owner.

Jann Wenner told the Times he wants to find a buyer who understands the magazine's mission. "Rolling Stone has played such a role in the history of our times, socially and politically and culturally," he said. "We want to retain that position."