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PR Newswire
23-11-2017, 03:26 PM
Rolling Stone's Singapore Shareholder Wants to Buy the Magazine
By Yoolim Lee
November 23, 2017, 5:00 AM GMT+8
The 29-year-old founder of Singapore’s BandLab Technologies Ltd. said he wants to buy the 51 percent of Rolling Stone he doesn’t own, adding the world-famous brand to his growing global music business.
Kuok Meng Ru, a member of one of Asia’s richest families, said he’s in talks to take over the magazine after Jann Wenner put his controlling stake up for sale two months ago, relinquishing his hold on the publication he co-founded in San Francisco in 1967.
“We really believe in building on the legacy and making sure we continue the vision that Jann started,” Kuok said in an interview in Singapore. “That’s why we got involved in the first place. We have a great relationship with the Wenners.”
Like other consumer magazines, Rolling Stone has struggled with declining newsstand sales and an online advertising market dominated by Facebook and Google. Wenner Media, one of the last family owned American media companies, said in September it had hired Methuselah Advisors to explore a sale of the publication. U.S. media has reported that three other bidders are also interested in buying Wenner’s controlling stake.
More details in https://www.bloomberg.com/news/articles/...e-magazine
By Yoolim Lee
November 23, 2017, 5:00 AM GMT+8
The 29-year-old founder of Singapore’s BandLab Technologies Ltd. said he wants to buy the 51 percent of Rolling Stone he doesn’t own, adding the world-famous brand to his growing global music business.
Kuok Meng Ru, a member of one of Asia’s richest families, said he’s in talks to take over the magazine after Jann Wenner put his controlling stake up for sale two months ago, relinquishing his hold on the publication he co-founded in San Francisco in 1967.
“We really believe in building on the legacy and making sure we continue the vision that Jann started,” Kuok said in an interview in Singapore. “That’s why we got involved in the first place. We have a great relationship with the Wenners.”
Like other consumer magazines, Rolling Stone has struggled with declining newsstand sales and an online advertising market dominated by Facebook and Google. Wenner Media, one of the last family owned American media companies, said in September it had hired Methuselah Advisors to explore a sale of the publication. U.S. media has reported that three other bidders are also interested in buying Wenner’s controlling stake.
More details in https://www.bloomberg.com/news/articles/...e-magazine
Specuvestor: Asset - Business - Structure.