Rolling Stone's Parent Company Sells Controlling Stake

Rolling Stone's parent company, Wenner Media, has a new corporate boss. Nearly three months to the day since it began accepting bids for the coveted, if diminished, independent media company, Penske Media has been announced as having made a significant "strategic investment" in Jann Wenner's company.

While terms of the deal weren't disclosed, multiple says that "majority control and editorial oversight for " will remain with Wenner Media — but at the end of the day, Penske owns a controlling stake in the parent company of . The Singapore-based BandLab Technologies, a social networking company focused on musicians and fans, which purchased a minority stake last year, for a reported $40 million, will retain its share and oversight of the magazine's international business.