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Penske Media Corp., the owner of Variety, purchased a controlling stake in Wenner Media, the parent of Rolling Stone magazine.
Financial terms were not disclosed, but Penske will invest in Wenner to the tune of a valuation of over $100 million, sources said.
Jann Wenner, who co-founded Rolling Stone in 1967, will stay on as the magazine's editorial director.
Read more from Variety.
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