Half of Rolling Stone sold to Singapore music company

by Jill Disis

 

NEW YORK: -- Rolling Stone is teaming up with the son of an Asian business giant.

 

Wenner Media, which owns the nearly 50-year-old music magazine, will sell a 49% stake in the publication to Singapore-based social music company BandLab Technologies.

 

BandLab was created by Meng Ru Kuok, the son of the billionaire founder of the world's biggest palm oil company.

 

Though BandLab's signature product is its eponymous music making and sharing app, the business also has ties to retail. It recently bought MONO, a music instrument accessories company.

 

Full story: http://money.cnn.com/2016/09/25/media/rolling-stone-bandlab-deal/index.html

 

-- © Copyright CNN 2016-09-26

 

Singapore startup firm acquires stake in Rolling Stone magazine

 

 

SINGAPORE: -- Singapore-based social music startup BrandLab Technologies has recently acquired 49 percent stake in the Rolling Stone magazine, The Straits Times Online reported on Monday.

 

The size of the deal was not disclosed, but this is the first time that the Rolling Stone is taking on an outside shareholder since it was founded 49 years ago by American Jann Wenner.

 

BandLab chief executive is backed by his father and palm tycoon Kuok Khoon Hong. In 2012, the 28-year old Cambridge graduate acquired Swee Lee Music, a guitar and audio equipment distributor that he expanded online. BrandLab, the group flagship app, debuted in August last year as a platform for musicians to find collaborators. Earlier this month, the group acquired Mono which designs accessories for musicians.

 

Full story: http://englishnews.thaipbs.or.th/singapore-startup-firm-acquires-stake-rolling-stone-magazine/

 

 

-- © Copyright Thai PBS 2016-09-26

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