Singapore Tycoon Son to Acquire Rolling Stone Magazine
26 September 2016 14:54 WIB
TEMPO.CO, Jakarta - Singapore's BandLab Technologies plans to buy a 49 stake in Rolling Stone magazine from publisher Wenner Media.
BandLab is a company that makes products for music creators and music fans. The company was founded by 28-year-old Kuok Meng Ru, the son of Singaporean palm oil tycoon Kuok Khoon Hong.
With this acquisition, BandLab hopes to expand Rolling Stone's market in Asia, something the magazine has had difficulties to accomplish.
The acquisition also highlights the publishing industry's struggles amid declining advertising revenues due to the rise of online-based media.
As quoted by Reuters on Monday, Sept. 26, Gus Wenner, head of digital at Wenner Mediasaid, said the company sees an "enormous opportunity to diversify the brand into new markets and new areas of business."
Rolling Stone publishes 12 international editions in Australia, Argentina, Brazil, Colombia, France, Germany, India, Indonesia, Italy, Japan, Mexico and Russia. The magazine claims to have a readership of more than 65 million people.
BISNIS.COM | REUTERS