The iconic music magazine Rolling Stone, which has chronicled the pop culture scene for 50 years, will be put up for sale, according to a report.
The magazine, whose covers have featured every top band from The Beatles to the Rolling Stones, is looking for a buyer to pull the publication out of its financial hole, according to The New York Times.
Since 1967, founder Jann Wenner, 71, has run the magazine as an independent. But a decline in print advertising is forcing him to sell his majority stake, although he is hoping that the new owners keep him on.
“I’ve enjoyed it for a long time,” Wenner told The Times, but selling is “just the smart thing to do.”
Last year, Wenner’s company sold a 49% stake in the magazine to Singapore-based BandLab Technologies, a music-tech company.
Writers who penned articles for the publication include Hunter S. Thompson, P.J. O’Rourke and Cameron Crowe.
Thompson’s classic “Fear and Loathing in Las Vegas” was published in the magazine in two parts.
Among the magazine’s most enduring covers was an Annie Leibovitz picture of Yoko Ono and a naked John Lennon.