American-based Wenner Media announced the sale of its stake to Singapore’s BandLab this weekend.
Meng Ru Kuok, owner of the Singapore-based startup, BandLab, has quoted that he will focus on expanding Rolling Stone’s business in new markets and propel the brand’s global evolution. While they have bought 49% stake of the Rolling Stone magazine, the price of the deal is yet to be unearthed. Kuok is the 28 year old son of palm oil billionaire Kuok Khoon Hong.
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This means the incarnation of the Rolling Stone International, which will be responsible for managing the newly acquired stake. They will develop live events, take care of merchandising and hospitality to extend the brand. However the company has said that BandLab will not have any control over the editorial part of the magazine.
Rolling Stone is already in circulation with local versions of its magazine in 12 countries. This surely is making its effects on the company and its consumers.Rolling Stone boasts a readership of nearly 12 million for its print publication and a ‘digital audience’ of around 65 million online — although the figure appears to have social channels like Facebook, where it claims a cumulative 18 million fans and followers.
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This is a symbolic deal for Wenner since it is the first time it has allowed outside money into Rolling Stone, which is approaching its 50th anniversary.
Kuok was in negotiations with them for over 18 months. He said there are “plenty of synergies” between Rolling Stone and BandLab’s other ventures.
“We are focused on the consumer and the supply chain of music, and innovative business models around music that exist today. At the end of the day, the end consumer is the same. BandLab’s goal is to be a global music business,” he said.
By the looks of it, this is going to be one interesting partnership.