JMBM is pleased to announce that its client Rolling Stone has acquired a majority stake in Life is Beautiful, an annual music and arts festival based in Las Vegas, Nevada. Rolling Stone is a subsidiary of Penske Media Corporation (PMC), a leading independent global media and information services company.
“Live events have to have the ability to tell stories and create a narrative and impact through content just beyond the event itself that happens once a year,” said Rolling Stone CEO Gus Wenner in a press release. “So I think the combination of Rolling Stone, with our scale of over 60 million readers, and our ability as a journalistic outfit, to combine that skillset with an unbelievable live event that attracts 180,000 people a year – that’s new territory and really compelling.”
In collaboration with PMC SVP and deputy general counsel Judith Margolin, JMBM partner Michael Steuch led the legal team representing Rolling Stone, with support from David Ma and Alan Azar.
“We enjoyed working with Rolling Stone and PMC on this exciting transaction,” said Steuch. “We look forward to witnessing the growth of Life is Beautiful as Rolling Stone expands upon the strong foundation developed by the festival’s creators.”
Penske Media Corporation (PMC) is a leading independent global media and information services company whose award-winning content attracts a passionate monthly audience of more than 310 million. Since 2004, PMC has been a pioneer in digital media and a platform innovator, reaching viewers on all screens across its ever-growing constellation of iconic brands, which includes Deadline, Variety, Rolling Stone, The Hollywood Reporter, Billboard, WWD, SHE Media, SXSW, Robb Report, Sportico, BGR, ARTnews, Art in America, Fairchild Media, Spy.com, among many others. Please visit www.pmc.com.
About JMBM’s Mergers & Acquisitions Group
JMBM’s Mergers & Acquisitions Group represents buyers, sellers and capital providers in a wide variety of mergers, acquisitions, divestitures and financings. The Group’s lawyers provide start-to-finish assistance with the structuring, negotiation, documentation and closing of the deal. For more information, visit www.jmbm.com.