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Singapore-based start-up acquires 49% stake in Rolling Stone

26.09.2016
Singapore-based start-up acquires 49% stake in Rolling Stone

Singapore social music company BandLab Technologies Ltd has purchased a 49% stake in Rolling Stone’s magazine and digital assets.

The investment, which does not include any claim in parent company Wenner Media LLC, comes as many publishers aim to become less dependent on print advertising revenue, with ad revenue in the magazine down 14% between January and August 2016 compared the previous year.

It is predicted that the investment will help Rolling Stone utilise BandLab’s experience in Asia and expand into live event, hospitality and merchandising in the region. There are also reportedly plans to create a new Singapore subsidiary called Rolling Stone International, led by BandLab chief executive officer and co-founder Meng Ru Kuok.

“We see an enormous opportunity to diversify the brand into new markets and new areas of business,” said Wenner Media head of digital Gus Wenner in the statement.

Rolling Stone publishes 12 international editions in Australia, Argentina, Brazil, Colombia, France, Germany, India, Indonesia, Italy, Japan, Mexico and Russia, and claims to reach an audience of over 65 million people.


Source:
http://mandmglobal.com/singapore-based-start-up-acquires-49-stake-in-rolling-stone/