singapore scion buys 49 stake
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

In Rolling Stone

Singapore scion buys 49% stake

Arab Today, arab today

Arab Today, arab today Singapore scion buys 49% stake

Music and pop culture magazine Rolling Stone
Singapore - Arab Today

A Singapore firm headed by a scion of one of Asia's richest families has bought a 49 percent 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 late Sunday.

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 firms said in a statement.

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 $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 Southeast Asia's largest distributor of audio equipment.

"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." 

Music and pop culture magazine Rolling Stone was founded in 1967 by Gus Wenner's father, Jann S. Wenner, and Ralph Gleason with a $7,500 loan from friends and family.

According to Singapore daily The Straits Times, the deal has been in the works for some 15 months after Kuok was introduced to Gus Wenner.

Bloomberg News reported that the two twentysomethings struck up a friendship over their interest in music and digital media, as the Wenners were looking for a way to expand their reach in Asia, home to more than half the world's population.

"It became much bigger than what we began with," Kuok told Bloomberg News. 

"It was really more of a meeting of minds and visions and long-term partnership that made it possible."

In addition to its focus on pop music, Rolling Stone forged its reputation by featuring some of the best writers in the US -- such as Tom Wolfe and Hunter S. Thompson -- and by turning its covers into showcases for top photographers and controversial subjects.

New York-based Wenner Media owns and publishes 12 international editions of the magazine, as well as Us Weekly and Men's Journal.

Source: AFP

arabstoday
arabstoday

GMT 03:08 2017 Sunday ,24 December

Firm Keppel Offshore to pay $422 mn

GMT 03:33 2017 Friday ,24 November

Singapore growth beats forecasts

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 08:43 2016 Wednesday ,26 October

Post-sanction Iran makes play

GMT 08:35 2016 Tuesday ,24 May

Kicks out Swiss bank linked to Malaysia's 1MDB
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

singapore scion buys 49 stake singapore scion buys 49 stake

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

singapore scion buys 49 stake singapore scion buys 49 stake

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday