“In a bid to rejuvenate itself in the digital era, the once iconic pop culture magazine Rolling Stone has sold a 49% stake to a Singapore-based startup company, BandLab,” Variety reports. “The deal was announced over the weekend by Wenner Media, Rolling Stone’s parent company. Valuation and terms of the deal were not disclosed.”
BandLab is run by Kuok Meng Ru, who’s the son of agricultural products tycoon Kuok Khoon Hong, the report notes.
Variety adds: “The two companies revealed a strategy to develop business in new markets and to evolve the Rolling Stone brand. This includes the launch of Rolling Stone International, a company which holds BandLab’s stake, and develop live events, merchandising and hospitality.”