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Business News Deals Media
Rolling Stone sells 49% stake to BandLab Technologies
By Andy Malt | Published on Monday 26 September 2016
Wenner Media has sold a 49% stake in Rolling Stone magazine to Singapore-based BandLab Technologies, whose main product is “easy-to-use, all-in-one, social music creation platform” BandLab.
Head Of Digital at Wenner Media – and son of Rolling Stone founder Jann Wenner – Gus Wenner tells Bloomberg: “It’s a big moment. There is a great opportunity to take that brand and apply it into new and different areas and markets”.
BandLab is owned by Kuok Meng Ru, son of billionaire Kuok Khoon Hong, who says: “What has happened in the last 49 years has already shown that Rolling Stone is more than a brand to people. It is now our shared responsibility to take it into the future”.
Kuok’s company will launch a new subsidiary called Rolling Stone International, which will operate live events, merch sales and hospitality services under the classic magazine’s name.
