How `Rolling Stone' Magazine Rolled The Money In Prior To 1990

Although former Rolling Stone writer Hunter Thompson claimed that Rolling Stone magazine "began its slide into conservatism and mediocrity in 1977," by 1989 its then-parent company, Straight Arrow Publishers Inc. "was worth perhaps $250 million [equal to over $533 million in 2020]--over thirty thousand times its value twenty-two years before," according to the 1990-published book, Rolling Stone Magazine: The Uncensored History by Robert Draper.

According to the same book, Rolling Stone magazine's founder and then-owner, Jann Wenner, was personally worth over $100 million in 1990 [equal to over $203 million in 2020] and had used his youth market profits from "Rolling Stone Incorporated" to maintain "an ostentatious lifestyle of private jets, country villas and choice social connections to match."

According to Draper's Rolling Stone Magazine book of 1990, at that time Wenner spent about four months out of the year at his three-story country manor in East Hampton, Long Island and employed servants there. Wenner also then owned a five story Manhattan townhouse and a Mercedes limousine which was driven by his chauffeur. In 1985, Wenner also had spent $2.5 million [equal to over $6.1 million in 2020] of his surplus wealth to purchase and own US Magazine, for awhile.

Although much of the music that Rolling Stone magazine has covered and profited from since the late '60s is rooted in African-American rhythm and blues, ironically, its pre-1990 "reluctance to cover Black music" was "infamous" and "not coincidentally, Rolling Stone" had "never employed a single Black writer," prior to 1990, according to Draper's 1990 Rolling Stone Magazine book.