Rolling Stone Magazine Up For Sale After GotNews Exposes #JackieCoakley and @SabrinaRErdely

Rolling Stone Magazine Up For Sale After GotNews Exposes #JackieCoakley and @SabrinaRErdely

Rolling Stone Magazine Up For Sale After GotNews Exposes #JackieCoakley and @SabrinaRErdely

Rolling Stone's founder is putting the iconic magazine up for sale amid declining revenue and a damaged journalistic reputation in need of fix.

"There's a level of ambition that we can't achieve alone", Gus Wenner tells the New York Times from the magazine's headquarters in Midtown Manhattan. A subsequent investigation revealed however that the alleged rape victim interviewed by Erdely fabricated the story, forcing the magazine to eventually retract the article and issue multiple apologies for the incident.

Currently, a diminished Rolling Stone staff occupies a small area on the second floor of 1290 Ave. of the Americas.

The company recently sold its two other magazines, Us Weekly in March and Men's Journal in June, highlighting the struggles of the industry as advertising revenues fall in an increasingly competitive online age.

Wenner Media said it was exploring "strategic options" in an effort "to best position the brand for future growth".

"The plan a year ago, when the transaction was announced, was for Kuok to start up Rolling Stone International, which "the partners hope can use the brand to delve into concerts, merchandising and hospitality" in the Pacific region, as Bloomberg's Yoolim Lee reported".

Wenner Media hired Methuselah Advisors to explore the sale, according to a statement Sunday.

The UK newspaper quoted 71-year-old Jann Wenner as saying, "I love my job, I enjoy it, I've enjoyed it for a long time".

"I think it's time for young people to run it", Jann Wenner said.

But letting go was "just the smart thing to do".

When Wenner Media LLC sold a 49 percent stake in Rolling Stone to Singapore-based BandLab Technologies in September 2016, it was the first time Wenner had admitted an outside investor. But it was Rolling Stone that helped guide, and define, a generation, the Independent noted.

From printing lurid lies fueling the "rape culture" panic to glorifying a terrorist on its covers, Rolling Stone's decline is well-deserved.

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