Just under half of The Rolling Stone magazine has been sold to an Singapore-based BandLab Technologies, according to Adage. It’s the first time Jann Wenner, the co-founder of the mag, has invited outside investors.
The new investor is Singapore-based BandLab Technologies, a budding digital music concern founded by the 28-year-old scion of one of Asia’s richest families. Kuok Meng Ru, the third son of Singapore-based agribusiness tycoon Kuok Khoon Hong, launched BandLab last year as a social network for musicians and fans.
“It’s a big moment,” Gus Wenner, the company’s head of digital said. “Here is a great opportunity to take that brand and apply it into new and different areas and markets.”
“Our growth in digital has been fantastic, but long term, my dad and myself recognize that in order to truly grow and truly transform the business — and we have this incredible brand in Rolling Stone that means so much,” Wenner said.
BandLab will have no involvement in the editorial side of the magazine. Rather, it will oversee a new Rolling Stone International subsidiary, which will develop live events, merchandising and hospitality.