As previously reported, Wenner Media, facing the same challenges as most traditional magazine owners in the digital age, previous year sold a 49% stake in the title to Singapore-based company BandLab Technologies.
Jann Wenner, founder of Rolling Stone, who recently sold a controlling interest in the magazine's parent company to Penske Media. Now however, Penske media has made its way into the picture.
PMC is reported to see expansive room for entering in the live-event sector, licensing deals and business-to-business marketing.
However, the magazine had to risk its reputation when it published a false story in 2014 about an alleged rape at the University of Virginia; however, the magazine retracted the story in 2015, and paid for defamation settlement.More news: Prince Harry, Meghan Markle release engagement portraits
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Despite being renowned for its music coverage, political journalism soon became a staple of the publication, which featured a number of great writers, such as Joe Klein, Hunter S Thompson and Tom Wolfe.
Penske CEO Jay Penske added that, "Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally recognized brand that has no peer in its areas of influence". "We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms - we're eager to get started".
"I am so proud of our accomplishments over the past 50 years and know Penske Media is the ideal match for us to thrive in today's media landscape", said RS founder Jann Wenner in a statement.
However, Penske Media has specified that Jay Wenner will be kept on as the editorial director of the company.
Wenner Media was previously valued at $50 million. Penske Media is hoping to take the magazine into the future.
Wenner Media Chief Operating Officer Gus Wenner will become a part of Penske's advisory board, in addition to keeping his current role.