Rolling Stone will be put up for sale, the magazine’s founder and president told The New York Times.
Jann Wenner said in a Times article published Sunday that he hopes to find a buyer that understands his publication’s mission and has “lots of money.”
“I love my job, I enjoy it, I’ve enjoyed it for a long time,” he said. “[But it’s] just the smart thing to do.”
“Rolling Stone has played such a role in the history of our times, socially and politically and culturally,” the 71-year-old added. “We want to retain that position.”
Some Twitter users on Monday voiced surprise at Wenner’s decision, while others reflected on Rolling Stone’s history.
Anyone want to buy Rolling Stone with me? I have like $50 I could put in.— Ian Fortey (@IanFortey) September 18, 2017
Wenner created Rolling Stone in 1967, and the publication’s sale comes before its 50th anniversary.
The sales plans were reportedly generated by Gus Wenner, who is Jann Wenner’s 27-year-old son and Rolling Stone’s chief operating officer.
The Wenners said they intend to remain at Rolling Stone, but both men acknowledged their decision to sell it could leave such a decision in the hands of a new owner.
Gus Wenner has drastically pared down the assets of Wenner Media, Rolling Stone’s parent company, in response to recent financial challenges.
“There’s a level of ambition that we can’t achieve alone,” he admitted during an interview at Rolling Stone’s Manhattan headquarters last week. “So we are being proactive and want to get ahead of the curve.”
“Publishing is a completely different industry than what it was,” Gus Wenner added. “The trends go in one direction, and we are aware of that.”
Wenner Media earlier this year sold US Weekly and Men’s Journal, the company’s two other magazines.
The company in 2016, meanwhile, sold 49 percent in Rolling Stone to BandLab Technologies, a music-related tech company in Singapore.
A federal jury last year awarded $3 million in damages to a former University of Virginia (UVA) associate dean following a controversial Rolling Stone article about the school.
Rolling Stone retracted the November 2014 story about a supposed gang rape at the university after its key details were discredited.