Rolling Stone, the bible of rock 'n' roll for a half-century, is for sale, Jann Wenner, the magazine's swaggering co-founder, said Sunday. 
 
 The New York Times first reported the intended sale of Wenner's 51 percent stake on Sunday. Wenner's company, Wenner Media, confirmed the report Sunday night, saying in a statement that it was looking at "strategic options ... to best position the brand for future growth." 
 
 Rolling Stone editor and publisher Jann Wenner at the Rock and Roll Hall of Fame Induction Ceremony in Los Angeles in 2013. AP 
 
 "I love my job, I enjoy it, I've enjoyed it for a long time," Wenner, 71, told The Times. But selling now is "just the smart thing to do," he said. 
 
 Since he co-founded it with Ralph Gleason in 1967, Rolling Stone and Wenner have been synonymous, writing the history of rock 'n' roll in a style equal parts reverent and irreverent, promoted by some of the most famous covers in American publishing history. Gleason died in 1975. 
 
 Along the way, it published some of the most important political and investigative writers of the last 50 years, as well, among them Hunter S. Thompson, whose "Fear and Loathing in Las Vegas" made its debut in the magazine in 1971; Washington insider Joe Klein, the author of "Primary Colors"; conservative provocateur P.J. O'Rourke; and Tom Wolfe. 
 
 In June, the magazine settled a defamation lawsuit brought by a fraternity at the University of Virginia, which said its 2014 investigation "A Rape on Campus" was significantly false. 
 
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 In a long report published in Rolling Stone, Steve Coll, dean of the Columbia University School of Journalism and former managing editor of The Washington Post, declared the article a "failure of journalism." 
 
 Wenner sold 49 percent of his stake in Rolling Stone in 2013 to a digital music startup. He recently sold the company's other magazines, Us Weekly and Men's Journal, to American Media Inc., publisher of The National Enquirer. 
 
 "We have made great strides transforming Rolling Stone into a multi-platform company, and we are thrilled to find the right home to build on our strong foundation and grow the business exponentially," said Wenner's son Gus Wenner, the company's president and chief operating officer, whom The Times credited with engineering the planned sale. ||||| But that was perhaps the last Rolling Stone cover piece that gained significant journalistic acclaim. And the magazine’s reputation as a tastemaker for the music world had long since eroded, as Mr. Wenner clung to the past with covers that featured artists from his generation, even as younger artists emerged. Artists like Paul McCartney, Bruce Springsteen and Bob Dylan have continued to secure cover spots in recent years. 
 
 Rolling Stone suffered a devastating blow to its reputation when it retracted a debunked 2014 article about a gang rape at the University of Virginia. A damning report on the story by the Columbia Graduate School of Journalism cited fundamental journalistic failures. The article prompted three libel lawsuits against Rolling Stone, one of which led to a highly publicized trial last year that culminated with a federal jury awarding the plaintiff $3 million in damages. 
 
 The financial picture had also been bleak. In 2001, Jann Wenner sold a 50 percent stake in Us Weekly to the Walt Disney Company for $40 million, then borrowed $300 million five years later to buy back the stake. The deal saddled the company with debt for more than a decade, preventing it from investing as much as it might have in its magazines. 
 
 At the same time, Rolling Stone’s print advertising revenue and newsstand sales fell. And as readers increasingly embraced the web for their news and entertainment, Mr. Wenner remained skeptical, with a stubbornness that hamstrung his company. 
 
 Wenner Media was already a small magazine publisher. But the sale of Us Weekly and Men’s Journal, which together brought in roughly three-quarters of Wenner Media’s revenue, has left it further diminished. 
 
 Regardless, the sale of Rolling Stone would be Jann Wenner’s denouement, capping his unlikely rise from dope-smoking Berkeley dropout to silver-haired media mogul. An admirer of John Lennon and publishing mavens like William Randolph Hearst, Mr. Wenner — who invested $7,500 of borrowed money to start Rolling Stone along with his mentor, Ralph J. Gleason — was at turns idealist and desperado, crafting his magazine into a guide for the counterculture epoch while also gallivanting with superstars. He once boasted that he had turned down a $500 million offer for Rolling Stone, more than he could ever dream of getting for the magazine today. (BandLab invested $40 million to acquire its 49-percent stake in the magazine last year.)
– After nearly a half-century tracking trends in rock and culture, Rolling Stone is up for sale. Trailblazing editor Jann Wenner, 71, tells the New York Times he is making way for new blood by hawking his 51% controlling stake in the magazine. "I love my job,” says Wenner, but selling is "just the smart thing to do." Wenner Media confirms the sale to NBC News, saying it was investigating "strategic options ... to best position the brand for future growth." Wenner sold 49% of his stake in Rolling Stone in 2013, and more recently two other magazines run by Wenner Media. But those moves weren't enough to turn the financial tide after decades of plummeting ad revenue. "There’s a level of ambition that we can’t achieve alone," his son and company president, Gus Wenner, tells the Times. "So we are being proactive ... Publishing is a completely different industry than what it was." Gus Wenner, who crafted the sale, and his father say they'd like to stay on, though they recognize the new buyer might wish otherwise. But Jann Wenner concedes that "it's time for young people" to have a crack at running the glossy known for its edgy pieces—but badly bruised by a $3 million libel verdict over the botched University of Virginia gang rape story. The sale process is just beginning. One candidate is American Media, which recently bought Wenner Media's other titles, Us Weekly and Men's Journal. Music critic Anthony DeCurtis worries over the magazine's future. "That sense of the magazine editor’s hands on the magazine," he tells the Times, "that’s what’s going to get lost here." (Vanity Fair announced its own "changing of the guard.")