A Singapore firm headed by a scion of one of Asia's richest families has bought a 49 per cent stake in Rolling Stone, with plans to diversify the iconic magazine into new business including live events and merchandising.
BandLab Technologies, a music and technology start-up headed by 28-year-old Kuok Meng Ru, bought the stake for an undisclosed sum and will partner current owners Wenner Media, the firms said in a statement yesterday.
Rolling Stone International, a new subsidiary to be headed by Kuok, will organise events including concerts, and develop merchandising and hospitality services, Bloomberg News reported.
Rolling Stone International will "build on the brand's worldwide appeal and recognition", the statement added.
BandLab will have no involvement in the editorial side of the magazine, and will not have a stake in Wenner Media, Bloomberg reported.
Kuok is the son of Singapore palm oil magnate Kuok Khoon Hong -- founder of Wilmar International, the industry's biggest trader -- and grand-nephew of Robert Kuok, Malaysia's richest man who is worth more than USD 11 billion according to Forbes.
"Rolling Stone's impact on culture over the years has been immeasurable and I'm truly honoured to be joining the team on the next phase of its journey," said Kuok, a Cambridge graduate.
BandLab Technologies' portfolio already includes a cloud platform and social network for musicians, a music-making website, an instrument accessory design studio and Swee Lee, Southeast Asia's largest distributor of audio equipment and musical instruments.
"We are thrilled to have found an extraordinary partner for Rolling Stone as we focus on the brand's global expansion," Gus Wenner, Wenner Media's head of digital, said in a statement.
"We see an enormous opportunity to diversify the brand into new markets and new areas of business."
An information and communications technology analyst said the deal was another case of a traditional print brand with a struggling business model attempting to survive in the digital age by diversifying.
"All the money in the music industry now is related to ancillary services like concerts, merchandise, digital, all these kinds of things," Marc Einstein from business consultancy Frost & Sullivan told AFP.
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