US Rolling Stone magazine officially has a new majority owner with Penske Media stepping to take control over the iconic publication.

As Variety reports, The deal will see Jay Penske’s Penske Media take control over Wenner Media’s 51% majority stake in the magazine.

“I am so proud of our accomplishments over the past 50 years and know Penske Media is the ideal match for us to thrive in today’s media landscape,” said Wenner in a statement.

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Singapore-based, BandLab Technologies will remain in control the other 49% after it refused to acquire the remainder of the magazine last year.

While there have been no official reports, the value of the deal is reportedly just over US$100 million.

It was in September of this year that Jann Wenner announced that he would be selling his majority stake commenting, "I think it's time for young people to run it".

Penske Media, which also publishes Variety, Deadline, Robb Report and IndieWire, will also add Wenner Media’s Men’s Journal and Glixel to its roster in addition to Rolling Stone.