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Penske Media has announced that it's acquired a controlling stake in Wenner Media, the company that owns Rolling Stone. The acquisition is valued at $100m. Singapore-based BandLab retains its 49% stake.

The deal leaves Wenner Media with editorial oversight and majority control of RS. Jann Wenner, who founded RS in 1967, will stay on as editorial director; Gus Wenner will remain President/COO.

This is the biggest media purchase yet for Penske Media Group, the parent company of entertainment trade Variety and owner of Condé Nast’s Fairchild Fashion Media and Indiewire.

"I am so proud of our accomplishments over the past 50 years and know Penske Media is the ideal match for us to thrive in today’s media landscape," reads a statement from Jann Wenner.

"Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally-recognized brand that has no peer in its areas of influence,” said Penske."

A refurbishment of that brand and its various properties will likely soon be underway.

The WM/RS transition to PMG's platform should be complete in the next several months.

Other bidders that had reportedly been kicking WM's tires included an investors' group led by Irving Azoff; Todd Boehly of Guggenheim Partners and Playboy owner Rizvi Travers.