NEW YORK — The publisher of Rolling Stone magazine is selling celebrity magazine Us Weekly for $100 million to the owner of the National Enquirer tabloid.
In a press release, American Media Inc., which also owns Star, OK! and Men's Fitness, did not say how much it is paying for Us Weekly. Two people with knowledge of the situation said it was a $100 million deal. They would not speak on the record because the companies are private.
Wenner Media bought Us Weekly in 1985. It has been rumoured that the magazine was up for sale.
Gus Wenner, the head of digital at Wenner Media, said in an emailed statement that the sale lets the company pay down debt and invest in growth initiatives.
Rolling Stone got hit with a $3 million libel verdict in November in the aftermath of its retracted story about a University of Virginia gang rape.
Wenner sold a 49 per cent stake in the music magazine in September. The company also owns Men's Journal.
The Associated Press