Media mogul Jay Penske is buying a controlling stake in Rolling Stone, the Financial Times reports, in a deal that values the magazine at more than $110 million. Penske takes control of Rolling Stone from publisher Jann Wenner, who owned the company for more than 50 years and will retain a role as editorial director. Penske’s media holding firm will hire a new editor-in-chief. “Like all of our investments, our holding period is a very long time. It’s forever,” Penske said.