Jann Wenner: architect of a rock'n'roll empire



So how does an uber-rich left-leaning secular Jewish pop culture media tycoon mesh with the Arab world?
The region is about to find out, when Jann Wenner launches Rolling Stone Middle East on Monday. There'll be the launch party, with stars and models huddled under glittering hotel chandeliers (we'll leave the swinging for Tom Cruise on the Burj Khalifa), but come Tuesday morning, will the newsstands rock?
It's been a long trip in the chauffeured limo from Haight-Ashbury to zillionairedom for the editor/publisher Jann Wenner. And those who scoff at the idea of a middle-aged rock mag in the Middle East should consider the man behind it.
Wenner's story is inescapably American in its trajectory: youth culture gone mega, a kind of innocence gone entrepreneur, paralleling the rise of the ultimate Yank export: rock'n'roll. Founding the mag in the heart of the counterculture San Francisco in 1967, he built a media empire from the earthquake of rock culture. Over subsequent decades, he traded pioneer cred for the gaudiness of youth celebrity, while maintaining an in-and-out role as a voice of American liberalism.
Wenner grew up in the strange privileged limbo of a wealthy childhood, exiled from New York to a private boarding school near Los Angeles while his parents worked towards a divorce. After being turned down by Harvard, dropping out of Berkeley and writing an early rock rag column called "Something's Happening", Wenner legendarily founded Rolling Stone with the jazz critic/mentor Ralph J Gleason and a $7,500 loan from the family of his future wife, Jane.
Headquarters was a rent-free warehouse newsroom on top of a printing press. Wenner's chosen motto - "All the news that fits" - was a cheeky take on The New York Times slogan, "All the news that's fit to print", implying the new magazine would explode the scope of coverage, leaping off from the very notion that rock'n'roll was a lens through which to see the rising youth culture, and beyond it, the altered culture itself. Rolling Stone was an undeniable game-changer. It not only covered rock'n'roll, it covered the world through it.
Asked decades later how the 21-year-old editor would have seen his future, Wenner replied: "He didn't think about those things." But he was dissembling. At the very least, Wenner always knew he intended to be the hippie with equity.
Reports from the time identify Wenner's business eye - he wanted ad revenue, not just counterculture beard-stroking. And he wanted to change the culture from the top down, with the Wenner imprimatur - ego to match vision. The young editor became infamous for his office tantrums, manipulative tendencies and perceived betrayals of the freaks and hotshots he initially championed.
"Pretty much everybody eventually got fired," a former writer once said, including the imperious sacking of Jim DeRogatis in 1996 over a negative review of Hootie and the Blowfish's (awful) album Fairweather Johnson, allegedly because the band's label had spent considerable money on advertising in the mag. The former Stone writer Neal Karlen once called Wenner "the rich kid bully at camp who wouldn't share his footlocker full of candy unless you did his chores on the job wheel".
Those same critics, however, would never deny Wenner's eye for raw and rising talent.
The list of American originals made famous in Rolling Stone's pages is legion: Hunter S Thompson, Joe Klein, William Grieder, Joe Eszterhas, Cameron Crowe. Likewise, the magazine built its reputation on the space and leeway given. This was the editor who loosed Thompson, a banned legend for his wild-eyed, lacerating but often presciently deranged political writing. Unfettered by editorial gentility or word count, Thompson could denounce the president Richard Nixon as "a monument to all the rancid genes and broken chromosomes that corrupt the possibilities of the American Dream", a man who "could shake your hand and stab you in the back at the same time".
This was the editor to whom a terrified Tom Wolfe turned when bridging the transition from nonfiction to novels, persuading Wenner to serialise - for a hefty payday - The Bonfire of the Vanities before its release. Wenner discovered a young photographer named Annie Liebovitz, and made her the doyenne of rock portraitists. The entire world has seen her famous shot of a naked John Lennon draping himself over wife Yoko Ono.
Wenner himself became the prime interviewer of major Democrats including the presidents Bill Clinton ("He'll be the first rock'n'roll president in American history") and Barack Obama, on the way to defining the magazine with both of his faces: an unapologetic American liberalism and a lust for the clout of celebrity.
His own friendships with the icons of the age - Lennon, Jagger, Dylan - and the celebrity elite of the media world have always dually functioned as corporate leverage as well. His eye ever trained on legacy, he cofounded the Rock and Roll Hall of Fame in 1983. Not everyone loved the institutionalisation of the music, but Wenner famously said of sneering inductees the Sex Pistols: "If they want to smash [their trophies] into bits, they can do that, too."
By then, Rolling Stone was mid-stream in its series of transformations: after a rise to preeminence in the 1970s and consolidation in the 1980s, the magazine lost sway to competitors and a changing culture it misread (it booted hip-hop). Following a slouch into irrelevance in the 1990s, we end with the corporate glitz of the new millennium.
And yet, the magazine still stutteringly rearticulates itself in the political conversation, driven by Wenner's own convictions. The Bush White House loathed it, and the magazine recently took down Gen Stanley McChrystal, the US forces commander in Afghanistan who was fired after he was quoted criticising the vice president Joe Biden in the article Runaway General.
But there was more - a typically American "scandal" as, inevitably, Wenner himself became the story. In 1995, he left Jane, wife of 28 years, mother of three sons and co-owner of the magazine, and came out as a gay man with his partner Matt Nye, with whom he now has a son and two daughters.
How does this play in the region? Well, it has not hurt him elsewhere.
Go back to the very source. In Wenner, you have perhaps the first unapologetic capitalist entrepreneur of his generation - certainly in media. And his is not a leveraged empire: Rolling Stone is owned by Wenner Media, estimated at a worth of well over US$500 million (Dh1.8 billion), and has been reported as having no debt.
And Wenner's newest branchout does not come without precedent. Rolling Stone Middle East will take a page from Rolling Stone India.
"We look forward to being a part of the Indian scene in our small way, reverent of the past and excited and challenged by the future," Wenner said when launching that branch of the brand - one of 18 international editions, including Germany, China, Japan, Chile, Brazil, Turkey, Indonesia and Russia.
And no, the Indian version has not become a Bollywood-steeped colonial rag. Two-thirds of its content comes from the mothership, the rest generated locally, in a country now reported to have more than 1,000 rock-(like) bands hoping for a shot at a coveted cover. The last issue, a Roger Waters cover, includes stories on the Mumbai rockers Split, East/West fusion jam band Indian Ocean, the hard rockers Indus Creed and the folktronica siren Natasha Khan, known onstage as Bat For Lashes, who is English of Pakistani background.
It will be a symbiotic relationship - Wenner's magazine conferring credibility to the nascent scene and in turn profiting from the Next Big Thing that may emerge from booming developing economies. In the UAE, Rolling Stone lands in an economy built on oil but transformed by tourism into one of the world's 10 most popular jetset destinations. And lavish shopping means pricey entertainment and castle-mortgage paydays for entertainers. If anything, the UAE lands more major-league rock acts than India - Aerosmith, Elton John, Coldplay, Pink, Phil Collins and Céline Dion have all performed here. Kylie Minogue was rumoured to have cashed north of $3 million to perform at the opening of the Atlantis Resort a few years ago.
Will Rolling Stone work in that context? My New York deli guy thinks so. He's from Yemen. "In Dubai, maybe ... But no, it wouldn't work in Yemen."
And some things may not fit. Will it run Rolling Stone's new Ozzy Osbourne "health issues" column? When one writer sought counsel for his vertigo, Dr Ozzy responded: "I thought I had vertigo . I went to the doctor, and he said, 'Mr. Osbourne, the problem - as far as I can tell - is simply that you're very, very drunk.' "
Well, editors edit. Aside from that, RSME may be a good fit. Wenner correctly read the tea leaves back in 1967, realising rock'n'roll respected no boundaries - cultural, political or geographical. And the UAE is just one more gleaming, blinging champion of the entertainment marketplace to be seduced.
* The National

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Men from Barca's class of 99

Crystal Palace - Frank de Boer

Everton - Ronald Koeman

Manchester City - Pep Guardiola

Manchester United - Jose Mourinho

Southampton - Mauricio Pellegrino

The specs

Engine: 3.0 twin-turbo inline six-cylinder
Transmission: eight-speed
Power: 503hp
Torque: 600Nm
Price: from Dh400,000 (estimate)
On sale: now

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

What to watch out for:

Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways

The hulls of three ships will be used for the roof

The hulls will painted to make the largest Italian tricolour in the country’s history

Several pillars more than 20 metres high will support the structure

Roughly 15 tonnes of steel will be used

Profile box

Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

Star Wars: Ahsoka

Director: Various
Starring: Rosario Dawson, Natasha Liu Bordizzo, Lars Mikkelsen
Rating: 4/5

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Match info

Liverpool 4
Salah (19'), Mane (45+2', 53'), Sturridge (87')

West Ham United 0

If you go...

Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.

Super Saturday race card

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

RESULT

Uruguay 3 Russia 0
Uruguay:
 Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')

Man of the match: Diego Godin (Uruguay)

UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Netherlands v UAE, Twenty20 International series

Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen​​​​​​​
Tuesday, August 6 – Third T20i, Voorburg​​​​​​​
Thursday, August 8 – Fourth T20i, Vooryburg

Ten10 Cricket League

Venue and schedule Sharjah Cricket Stadium, December 14 to 17

Teams

Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan

Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad

Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider

Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider

Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah

Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition

MATCH DETAILS

Barcelona 0

Slavia Prague 0

Story behind the UAE flag

The UAE flag was first unveiled on December 2, 1971, the day the UAE was formed. 

It was designed by Abdullah Mohammed Al Maainah, 19, an Emirati from Abu Dhabi. 

Mr Al Maainah said in an interview with The National in 2011 he chose the colours for local reasons. 

The black represents the oil riches that transformed the UAE, green stands for fertility and the red and white colours were drawn from those found in existing emirate flags.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY PROFILE

Company name: Sav
Started: 2021
Founder: Purvi Munot
Based: Dubai
Industry: FinTech
Funding: $750,000 as of March 2023
Investors: Angel investors

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Step by step

2070km to run

38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

1 yoga matt

1 oxygen chamber

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km