The entertainment media company that owns Variety, TV Line, Deadline and other properties has reached a deal to acquire control of Rolling Stone magazine.

Penske Media will acquire an ownership interest in Rolling Stone's majority owner, Wenner Media, shortly after the magazine celebrated its 50th anniversary.

The deal means that Rolling Stone editor Jann Wenner will relinquish ownership of the magazine he co-founded in 1967 in San Francisco with music journalist Ralph Gleason.

Wenner Media had announced in September that it would "explore strategic options" for Rolling Stone's future, setting it on a path toward a possible sale.

Penske Media and Wenner Media did not reveal a price, but Variety reported that it valued the magazine at more than $100 million.

Over its five decades, Rolling Stone became a cultural touchstone, serving as a vehicle for writers such as Hunter S. Thompson, whose gonzo journalism pieces included "Fear and Loathing in Las Vegas," and Tom Wolfe, whose early stories on NASA's space program evolved into The Right Stuff. And famed photographer Annie Leibovitz shot more than 140 cover photos during more than 10 years at the magazine including one of John Lennon and Yoko One just hours before Lennon was shot on Dec. 8, 1980.

Its image took a hit in recent years after a 2014 story about an alleged gang rape at the University of Virginia fraternity was retracted. A jury last year awarded a university official $3 million after it found the magazine had defamed her in the story.

Although Jann Wenner is selling his stake, he will stay on as editorial director of Rolling Stone, Penske Media said in a statement.

"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," Jann Wenner said in a statement.

Singapore-based BandLab Technologies will continue to own a 49% stake in the magazine, an investment it made in 2016.

"Our interest in Rolling Stone is driven by its people, its cultural significance, and the globally-recognized brand that has no peer in its areas of influence," Penske Media CEO Jay Penske said in a statement. "We believe that Penske Media is uniquely qualified to partner with the Wenners to ensure the brand continues to ascend for decades across multiple media platforms—we're eager to get started."

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.