THESTREET.COM December 22, 2017. Media industry strategist Peter Kreisky... said Penske will help steer Rolling Stone through a more successful switch to digital distribution. With Rolling Stone under its belt, Penske stands to build its position as the "nexus of the entertainment and fashion industry," Kreisky noted. It will open up opportunities for cross-promotion across Penske's online verticals, while building a larger, more dedicated audience around the brands. For Rolling Stone, the priority will likely be focused on expanding beyond the baby boomer generation and into millennial-aged readers. "It's a spectacularly smart deal for Penske ... as Rolling Stone is incredibly underleveraged in the digital world," said Kreisky, a former executive at Time Inc. (TIME - Get Report) and CBS Corp. (CBS - Get Report) . "There is just massive potential to expand the Rolling Stone brand into other media platforms, including video, industry events, concerts or conferences." To be sure, positioning Rolling Stone as the authority for online entertainment news isn't guaranteed to be a slam dunk for Penske. Penske can, however, look to other legacy media brands that have successfully pivoted to digital, at least to some extent. For example, Condé Nast Publications Inc., which Kreisky said also was interested in Rolling Stone, has engineered digital transformations at The New Yorker and Vanity Fair. "The value that Penske sees in Rolling Stone is way beyond that which Rolling Stone can realize itself," Kreisky said. "Penske knows how to position the Rolling Stone brand and mine their potential."