(Reuters) – Wenner Media [WENNM.UL] said it is exploring strategic options for its majority interest in the Rolling Stone magazine, as the New York-based publisher continues to shift from its print media business amid falling ad revenues.
The company recently sold its two other magazines, Us Weekly and Men’s Journal, highlighting the struggles of the industry as advertising revenues fall in an increasingly competitive online age.
Last year, Singapore’s BandLab Technologies bought a 49 percent stake in Rolling Stone. reut.rs/2xJL1nh
Rolling Stone, the top brand in music publishing, brings out 12 international editions in Australia, Argentina, Brazil, Colombia, France, Germany, India, Indonesia, Italy, Japan, Mexico and Russia, and says it reaches an audience of over 65 million people.
The magazine is also known for edgy reporting typified by correspondents like Matt Taibbi, who skewered Wall Street titans during the global financial crisis, and the late Hunter S. Thompson, originator of the gonzo style of first-person journalism.
Wenner Media retained Methuselah Advisors as its financial adviser for the process, it said late Sunday.