Rolling Stone magazine is getting a new majority owner.

Media investor Jay Penske said his firm Penske Media was purchasing a 51% stake in the publication from New York-based Wenner Media.

The 50 year old magazine is best known for covering music and mainstream culture, yet additionally features political journalism and commentary.

Organizer Jan Wenner started the magazine in San Francisco in 1967 with music critic Ralph Gleason.

It has stayed under the control of his company, Wenner Media, since at that point. Singapore-based BandLab Technologies also owns a 49% stake in the publication.

No monetary details were disclosed, yet under the deal, Mr Wenner will be named editorial director.

The magazine has been confronting a harder business condition recently, as the whole publishing industry adapts to an all the more digitally connected with readership.

Mr Penske said he hoped to ensure that Rolling Stone “continues to ascend for decades across multiple media platforms”.

“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,” he added.

Rolling Stone has been an apparatus of music commentary and US political life for a considerable length of time.

Be that as it may, it is also notable for its notable intro pages, which were for a long time a definitive symbol of a music act’s success and importance.

Be that as it may, its notoriety for strong journalism suffered a blow after it published a false story in 2014 around an affirmed assault on campus at the University of Virginia,

It retracted the story in 2015, and paid out a criticism settlement.