Head of PMC - Jay Penske - is paying $100 million for controlling interest in Wenner Media. The crown jewel in that is Rolling Stone. Here are more details from Deadline.com.
This sounds like fun. But, will Penske the businessperson have buyer's remorse?
Among his strategic plans are:
Keeping Rolling Stone as a print consumer product
Enhance the digital platform
Expand the B2B reach
Invest in licensing the brandname
Have special events as a profit center.
However, as I explain in this op-ed, the time for the Rolling Stone has passed. The power in communications has shifted to the influencers. Even digital sites like Buzzfeed and Mashable are struggling.
What the smart move would be is to exploit the Wenner Media infrastructure to create something fresh. That could be a streaming service which focuses exclusively on provocative subject matter. Build that and the eyeballs will come.
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