From Yoolim Lee at Bloomberg
After a five-decade run full of interviews with pop stars and presidents, the founder of Rolling Stone is selling 49 percent of the iconic magazine to an Asian billionaire’s son. It’s the first time Wenner has admitted an outside investor, a deal that encapsulates the plight of an industry fighting to stay relevant in an online age. Wenner Media LLC also owns Us Weekly and Men’s Journal.
Founded in 1967, Rolling Stone became a fixture of American pop culture, helping launch the careers of writers and creative artists over almost 50 years. But like many of its peers, the magazine has steadily lost advertising and readership to nimbler online alternatives. More.
Reality check: It’;s being billed as a “huge moment for the company.” As if.
Do we think that Singapore would have put Tsarnaev’s mug on the cover? CF: Crime and punishment in Singapore.
See also: Trump plays the legacy media again They keep tweeting “we been had” and swear words. Ummmm!