Media investor Jay Penske on Wednesday announced a stake in Rolling Stone to revive the financial health of the iconic magazine of music and counterculture, with founder Jann Wenner preserving a role. 

The investor's Penske Media Corp. did not reveal terms of the deal but several media outlets including Variety, one of his titles, said the media company was spending $100 million for a controling stake.

BandLab Technologies, a Singaporean start-up headed by Kuok Meng Ru, the scion of one of Asia's richest families, will keep its 49 percent stake in Rolling Stone bought last year, Penske said.

Wenner launched Rolling Stone in 1967 through a family loan when he was a hippie student in Berkeley, California. Within years he turned the magazine into a bible of rock music coverage and a platform for left-wing politics and experimental journalism by writers such as gonzo reporter Hunter S. Thompson.