Jann Wenner, founder of the iconic rock publication Rolling Stone, will put the famed magazine up for sale after five decades of ownership, The New York Times reports.
Wenner told the Times that it’s “just the smart thing to do,” citing an uncertain future for the magazine as an independent publisher.
The move comes as a series of decisions to strip down the assets held by Wenner Media, which recently sold US Weekly and Men’s Journal along with selling a 49 percent stake in Rolling Stone to a Singapore-based company BandLab Technologies.
“I think it’s time for young people to run it,” Wenner, who founded the magazine in 1967, said. “It’s what we need to do as a business. It’s what we need to do to grow the brand.”
Both Jann and son Gus said they intend to stay on at Rolling Stone.