Rolling Stone, in the hands of Asian investor
The American magazine Rolling Stone for 49 percent in the hands of an investor from Singapore. Founder and owner Jann Viennese sells almost half of the shares to the 28-year-old Singaporees Kuok Meng Ru, and thus his social network BandLab wants to expand to an international muziekimperium.
The founded in 1967 Rolling Stone was an icon in pop music thanks to high-profile stories by and about famous musicians and politicians. In recent years, the magazine is not an appropriate way to respond to the rise of the internet.
In addition, the reputation of Rolling Stone last year under fire, because a story about a gang rape on an American university is largely untrue turned out to be.
The new investor will have no influence on the editorial direction of the magazine. He wants the brand, especially for a new international company that concerts and organising events and associated merchandise.
Kuok is the son of the Singaporean palmolietycoon Kuok Khoon Hong. With the financial support of his father, he founded last year BandLab Technologies, which acts as a social network for musicians. The past few years knew Kuok a in 2012 acquired gitarenhandelaar from Singapore to become the largest seller of instruments and audio-equipment in Southeast-Asia.
Kuok closed the deal around to Rolling Stone with Gus Wenner, the son of the founder who is appointed to the online strategy of the leaf shape. That spoke of a “great opportunity”, especially since the brand in new markets and areas is introduced.