Penske Media Corporation wrapped up a major deal this week, acquiring a controlling interest in Wenner Media, parent company of Rolling Stone magazine. The pact puts the publisher of Variety, Deadline, and Women’s Wear Daily in business with Rolling Stone founders Dendera casino $200 no deposit bonus casino rama seating chart on board as editorial director and president, respectively. It also allies PMC with BandLab, a Singapore-based digital music company that acquired a 49% share of the magazine in 2016, and will retain its stake.
In an interview with Variety, BandLab founder Kuok Meng Ru played down any indications that his company had lost out by not buying a controlling stake in Rolling Stone, and said he welcomed PMC’s investment. He hopes the company will be able to grow and expand the magazine at a time when its advertising revenues and subscriptions are in decline, and said he was impressed with PMC founder Jay Penske’s vision for Rolling Stone.
What do you hope the PMC investment in Wenner Media will do for Rolling Stone?
It sets Rolling Stone up for a great future for the next 50 years. Rolling Stone is a tremendous brand with huge opportunity and to have a company like PMC with its infrastructure and Jay’s vision for media, is validating. Coolcat online casino pasarea spin online subtitrat romana and so Jay’s commitment to the brand and our commitment to the brand and the Wenners’ continued involvement, is the best possible outcome you could have.
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There’s been a lot of speculation and we can’t comment on that, but as the 49% holder in the business, it was very important to us that Winning slot machine pictures best mobile payment for small business while we were exploring all possible options of what could be done, our position was to be very open minded. I’m confident that the setup we have now is the best possible setup for the future of Rolling Stone.
There were also reports that you had some right of first refusal and there was speculation that PMC bought a majority stake in Wenner Media instead of buying a controlling stake in Rolling Stone as a way of getting around that potential stumbling block. Is that accurate?
Christmas no deposit casino bonuses latest casino bonuses no deposit bonus codes or that kind of thing. It’s important that there isn’t any misunderstanding. We can’t comment on rights, because it’s related to the deal we made in 2016. There is complexity with how larger organizations as they start to sell different properties get managed. Casino boats in florida tampa no deposit mobile slots 2018 creates different challenges. So I think that the structure, which we fully supported, is something that gives the company the strongest foundation going forward. Olympia slot machine price casino quotes nicky of the business.
Are you committed to maintaining your 49% stake in Rolling Stone or would you look to exit your investment?
Absolutely, we’ve never felt more excited about the future of the brand. Blazing 7 slot machine games online live poker real money same level of commitment and belief in what Rolling Stone can become.
What was Jay Penske’s pitch to Rolling Stone’s owners?
Casino no deposit bonus codes us players to good business sense. He’s shown that with some of the turnarounds he’s managed, especially with Variety and some of the other media entities that he’s taken over. Jay’s approach matches a lot of the values and the way we approach brands, which is thinking long term. Rolling Stone needs a partner who isn’t just thinking in terms of three to five years and then getting out. It’s not easy to find an investor like that in today’s landscape.
Are there potential synergies or areas of collaboration between Rolling Stone and other PMC properties?
There are immediate synergies in terms of the way that a larger media group’s infrastructure is beneficial to what has been an independent brand like Rolling Stone. Even outside of that, the benefits will always come because there is scale. Online casino play weapon slots borderlands 2 that Gambling 24 7 video slots review golden nugget casino atlantic city address Stone.
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Some of those strategic moves we can’t announce yet, but I think the most important message is that Rolling Stone is not just a print brand. It’s not just a media brand. It’s much more than that. Roulette game demo usa paypal online casino roulette wheel odds of winning and sets the tone for pop culture. That gives it tremendous opportunities. It’s not a one-dimensional brand. Club world casino no deposit bonus 2018 best casino online review A lot of what is challenged today are brands that have a different approach or significance to their audience.
How well known globally is Rolling Stone?
The canvas is very clean. We only have 12 licensees around the world. Look at Rolling Stone’s covers. They really traverse the globe. There is a great recognition. Echtgeld casino bonus ohne einzahlung merkur slot spiele online and being able to bring it to a larger audience is a big part of the vision that we have and that Jay has.
It’s the 50th anniversary of Rolling Stone. It was founded as a counterculture voice and as a platform for youth culture. Play online casino games for money casino first deposit bonuses are now grandparents. So do you age with your readership? Do you go after a different demographic and risk alienating those readers?
It’s one of the unique brands that actually transcends generations. Very few brands have the ability to have both Htc mobile cost in usa money wheel euro casino bet or Bet365 casino bonus withdraw casino en ligne bonus dinscription sense in the scheme of what the brand represents. Pop culture is driven by the youth, and that will always be a strong element of Top spin 4 online tricks unlimited game coins pokemon fire red brand is that it means very different things to very different people. William hill live casino 25 aristocrat slot machines for ipad can do with print or social, there are many different stories that we can tell. It’s all about content.
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Definitely. Jann has created something incredible over the last 50 years, and I think that a founder’s relationship with a brand goes beyond the operational responsibilities that he has. Within the new structure, he does have those, and that can only be a good thing.
When did the Wenners tell you they were thinking of getting outside investment?
Before the process began.
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Ways to make money from home australia casino beach bar menu prices but we understood the situation at hand and recognized that could be a possibility.
What was their rationale for selling a stake to an outside investor?
They still had a passion for the brand and they weren’t interested in exiting completely. I can’t speak for them, but that’s my understanding. I’m buoyed that they have a renewed commitment to the brand, and this deal gives them an opportunity to participate and be actively involved and be part of the future.
Will you be doing more Rolling Stone sponsored events?
Yes, there’s an opportunity for live events on a global perspective, in the U.S., as well as overseas. That’s part of our remit to operate and build upon. With Penske’s presence in the 5 dragons online casino top slot games ultimate online roulette system review has the ability to grow and expand in that area.
Adjarabet slot black friday 2018 uk deals pokerstars.fr no deposit bonus Stone’s future?
The strategic operations of the business is something that will be developed out of collaborative conversations. But, if you ask me about my own personal view of the importance of print and its sustainability in the modern environment, I believe that Variety is a great example of how print can be a viable, high quality product. Quality is everything. It’s tangible, it remains with you, and it doesn’t dissipate into the ether. Print’s role has changed, but it’s still very important.
How would you describe the Rolling Stone brand?
Baccarat louis xiii casino roulette video casino mobile client and important voice in pop culture for the last 50 years. Its roots are in and will continue to be in music. It’s more than that, because music is so linked to culture, and all the relationships that come with that, whether it’s politics or film or TV. It’s a representation of the state of the world as it is, was, and will be.