Jann Wenner has been multiple things to different people in the 50 years since the launch of his magazine: a genius and a shrewd businessman, a visionary and a scoundrel, a hero and a plunderer.
Additionally, he was the previous publisher of Men’s Journal magazine and a co-founder of the well-known culture publication Rolling Stone.
While a student at the University of California, Berkeley, he participated in the Free Speech Movement and co-founded the magazine with Ralph J. Gleason in 1967.
Likewise, Wenner searched the magazine’s archives for his new memoir. His memoir, “Like a Rolling Stone,” is his tale of producing what eventually became the cultural Bible for baby boomers (released on September 13 by Little Brown).
American Publisher Jann Wenner Whopping $600 Million Net Worth
According toCelebrity Net worth, Jann Wenner has a net worth of $600 million. At the same time,The Richestclaims his net worth to be around $700 million.
In essence, Wenner co-founded theRock and Roll Hall of Fameand is the publisher of “Rolling Stone” magazine. Likewise, he participated in the Free Speech Movement and, along with Ralph J. Gleason, co-founded “Rolling Stone” in 1967.
He supported the works of authors Hunter S. Thompson, Joe Klein, and Cameron Crowe, found the job of photographer Annie Liebovitz, and spoke with Bill Clinton, John Kerry, Al Gore, Barack Obama, and Bono of U2.
In 2004, Jann was given a Lifetime Achievement award in the non-performer category during his induction into the Rock and Roll Hall of Fame. Plus, he was awarded the 2010 Norman Mailer Prize for Lifetime Contribution to Magazine Publishing.
He Co-Founded “Rolling Stone” Magazine After Borrowing $7,500 From His Family
In 1967, Jann Wennerborrowed$7,500 from his family and the family of his future wife, Jane Schindelheim, and together with Ralph J. Gleason, they co-founded the magazine “Rolling Stone” in San Francisco.
Despite a fall in readership in the late 1970s and early 1980s, “Rolling Stone” moved its headquarters to New York City in 1977. By 2006, the publication’s circulation had risen to an all-time high of 1.5 million copies every fortnight.
Using a 3-D holographic cover, the magazine released its 1,000th issue in May 2006. Jann was nominated for a National Magazine Award for her 2005 interview with Bono of U2.
He started the publication “Outside” in 1977 but sold it a year later in 1978. In 1993, Wenner launched “Family Life” magazine after managing “Look” magazine for a short time.
Further, in 1986, he owned “US Weekly” alongside The Walt Disney Company; in 2006, he acquired Disney’s stake in the publication.
The 75-Years-Old Founder Of Rolling Stone, Jann Lives In A House Worth Almost $12 Million
Wenner and his designer partner Matt Nye spent $11.9 million in 2009 to purchase a 6,300-square-foot house in Montauk, New York. The 1.5-acre beachfront property is home to eight bedrooms and 6.5 bathrooms.
Jann had at least five other estates at the time of the transaction, including a ranch in Sun Valley, Idaho, a ski condo in Sun Valley, Idaho, a 9,030 square foot Manhattan brownstone, and a 6,540 square foot Manhattan townhouse.
Apart from this, his estranged wife Wenner purchased his share of the Amagansett, New York, the home they jointly purchased in 1991 on an 11.6-acre beachfront parcel for $17.57 million in January 2010.
The 1968 house’s designer, Ward Bennett, assisted the couple in remodeling it. It’s uplifting from any aspect, as Wenner once stated about it. Along with the couple’s three boys, Jane Wenner has since resided there.
Additionally, in January 2010, sheinvested $4 millionto acquire his ownership interest in the Upper West Side townhouse they formerly shared. For $4.2 million, they received the residence in 1987 from the Perry Ellis estate.
Jann Wenner’s Wealth After Retirement As Rock And Roll Hall Of Fame Chairman
The Rock and Roll Hall of Fame Foundation’s Jann Wennerannouncedhis resignation as chairman in 2020, while it was reported that he would continue to serve on the board of directors.
Wenner was a founding member of the Foundation, created in 1983, and is responsible for managing the Hall of Fame. Since then, he has been actively connected to the Hall of Fame.
Asserting that Jann lobbied to prevent specific musicians from being nominated out of personal bias, supporters of various artists have blamed him for their exclusion from the Hall of Fame.
The Monkees’ Peter Tork stated in a 2007 interview with the “New York Post” that “Jann Wenner is single-handedly holding us out of the Hall of Fame.”
Tork continued by stating that Wenner “disregards the norms and acts according to his judgment. It represents a misuse of authority. I’m not sure if The Monkees deserve in the Hall of Fame, but it’s undeniable that we aren’t there on a whim.”
After 50 Years Of Founding, The Magazine Was Handed Over To New Owners
In 2016, Wenner sold 49% of his ownership in Rolling Stone to the Singaporean startup BandLab, and then in 2017, he sold the remainder 51% to the American publisher Penske Media.
Earlier in 2019,Penskepurchased BandLab’s shares and took complete control of Wenner Media, the parent company of Rolling Stone. Gun Wenner, Jann’s son, had been president and COO of Wenner Media for the previous two years before the enterprise was sold.
According to a person familiar with the transaction, theacquisition valueof Rolling Stone, which includes the cash on the company’s books, increased to more than $100 million due to the agreement.
This suggests that Penske contributed somewhere in the $50 million area to acquire the publication. Some observers of the sale who looked at it earlier in 2017 valued the share in the $30 million to $40 million range.
