He will remain on as president/COO of Wenner Media.
Wenner Media in September said it was exploring strategic options for its majority interest in the Rolling Stone magazine, continuing its shift from print media business amid falling ad revenues.
Now, a media firm named Penske Media owned by Jay Penske will be buying 51% stakes in this NY based publication. The story, published in 2014, was a huge blow to the magazine's credibility after it was found that its writers and editors had not verified key components of its reporting.
PMC is reported to see expansive room for entering in the live-event sector, licensing deals and business-to-business marketing.
In addition to Variety, Penske's other assets include the online news site Deadline, Robb Report and IndieWire.More news: How to check if Apple is slowing your old iPhone
In recent years, it's been criticized for failing to jump on the digital bandwagon quickly enough, losing relevance - and ad dollars - as the popular music landscape changed and, most seriously, was sued for defamation over a cover story depicting an alleged gang rape at the University of Virginia.
"We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms", Jay Penske, the chairman and chief executive of Penske Media, said in a statement.
"We couldn't ask for a better partner than Jay and Penske Media to invest in our company's future success". That price surprised some people who had looked at the deal earlier in the year, and valued the stake in the $30 million to $40 million range.
Wenner will stay with the company as editorial director, and his son Gus Wenner, who is the president and COO of Wenner Media, will remain in that position and join PMC's Advisory Board.