Penske Media said late Wednesday it is buying a majority stake in the Rolling Stone magazine from its New York-based publisher, Wenner Media.
Financial terms of the deal were not disclosed in a statement from the companies.
The deal values Rolling Stone at more than $110 million, the Financial Times reported earlier, citing people briefed on the transaction.
Rolling Stone co-founder Jann Wenner will assume the role of Editorial Director of the magazine after the completion of the deal, according to the statement.
Wenner Media Chief Operating Officer Gus Wenner will become a part of Penske's advisory board, in addition to keeping his current role.
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.
As part of the agreement, Singapore-based music start-up BandLab Technologies, which currently has a 49 percent stake in Rolling Stone will continue as Wenner Media's partner in the magazine, the companies added.
(Reporting by Gaurika Juneja in Bengaluru; editing by Diane Craft)