Wenner Media, which owns the nearly 50-year-old music magazine, will sell a 49% stake in the publication to Singapore-based social music company BandLab Technologies.
BandLab was created by Meng Ru Kuok, the son of the billionaire founder of the world’s biggest palm oil company. Though BandLab’s signature product is its eponymous music making and sharing app, the business also has ties to retail. It recently bought MONO, a music instrument accessories company.
The new partnership will help Rolling Stone to expand its influence in Asia. It said, an international subsidiary will be created and headquartered in Singapore.