This just in: Rolling Stone Magazine, the once-venerable music behemoth, is spreading its wings and opening a music venue/restaurant/club in Hollywood, according to a press release we just received. The space is slated to open in the summer of 2010. We're assuming that this is the space formerly occupied by the Knitting Factory, but are awaiting confirmation. For now, here's the meat of the press release:

Ideally situated among some of the country's most famous and historic attractions, including the Hollywood Walk of Fame, Grauman's Chinese Theater and the Kodak Theatre, the multi-level Rolling Stone space will encompass more than 10,000-square feet and serve as an exciting blend of equal parts restaurant, bar, lounge and upscale private-event space. Designed by Brodin Design, the venue will reflect the progressive timelessness for which Rolling Stone is known – featuring exposed black brick, tufted leather and vaulted ceilings throughout the location, as well as a stunning antique iron staircase.

This will be the first venue Rolling Stone-branded club/restaurant that RS founder Jann Wenner has opened; he's opening it with Lucky Rug Group principals Niall Donnelly and Joe Altounian. We'll update as we find out more.

UPDATE 9:35 A.M.: It's not a concert venue per se, but a restaurant and club. Niall Donnelly's LinkedIn profile:

“Niall Donnelly is a serial entrepreneur involved in many sectors of business: Entertainment, Media, TV Production, Internet, Bars, Nightclubs and Real Estate.

Niall is currently opening the first ever Rolling Stone nightclub, restaurant and venue in the world in Hollywood, California.

Under the holding company Arrogant, Donnelly is involved in many projects ranging from nightlife venues to new media and mobile endeavors as well as scripted and un-scripted television shows – All sectors with one thing in common “Creating brands that can transfer and syndicate across the globe”.

LA Weekly