Wenner, who founded the magazine in 1967 in San Francisco with music critic Ralph Gleason, will become the publication's editorial director.
As previously reported, Wenner Media, facing the same challenges as most traditional magazine owners in the digital age, a year ago sold a 49% stake in the title to Singapore-based company BandLab Technologies.
Variety, which was bought by Penske in 2012, reports that several bidders were kicking the company's tires before Penske's announcement last night: Azoff MSG Entertainment CEO Irving Azoff and Madison Square Garden chairman James Dolan; Rizvi Travers, owner of Playboy; and Todd Boehly, the owner of Billboard, The Hollywood Reporter, SPIN, Vibe and Stereogum (all within a group that is reportedly up for sale itself).
Financial details of the deal were not disclosed but according to the Financial Times the agreement values the publication at approximately $110m (£82m) and marks the end of Wenner Media's control of Rolling Stone.
Iran says United States seeks to maximize Zionist interests
In response, the Israel army said it hit Hamas military positions in the strip with tank and aircraft fire. Rouhani also said the United States has never been an honest mediator.
Jann Wenner called the partnership "an ideal match", while Gus Wenner said, "We are thrilled for this opportunity to grow our business together". The company, which says it has a monthly audience of more than 180 million people, is based in NY and Los Angeles.
Rolling Stone's covers minted stars.
"I'm confident that the setup we have now is the best possible setup for the future of Rolling Stone".
Wenner Media was previously valued at $50 million. But he'll still be able to keep a piece - presumably a small one - of the property that allowed him to become a media star himself. Penske Media was represented by Morgan, Lewis & Bockius LLP. His name, however, was synonymous with Rolling Stone.
Updated, 11:45 a.m., December 21 with details of a settlement reached over Rolling Stone's misreporting on a story of rape at the University of Virginia.