PUBLISHING

Petersen Publishing Sold: The Los Angeles-based company, whose magazines include Motor Trend and Guns & Ammo, has been sold by Robert E. Petersen, who founded the company in 1947 and published his first title, Hot Rod, in 1948. The buyers are led by Willis Stein & Partners, a Chicago investment fund with large media holdings. Petersen said will remain a 10% owner of the company and keep his office and a board seat. Petersen’s annual revenue is about $275 million. Its largest magazine is Teen, with paid circulation of 1.4 million. Terms of the deal weren’t announced.