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Rolling Stone selling 49% stake to Singapore startup BandLab

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Rolling Stone selling 49% stake to Singapore startup BandLab

Singapore-basedstartup BandLab Technologies is set to acquire 49% of 's iconic pop culturemagazine Rolling Stone, Bloomberg Newsreported Sept. 25.

The deal reportedly marks the first time that Jann Wenner,co-founder and publisher of the U.S. publication, has allowed an outsideinvestor. Financial details were not disclosed.

Rolling Stonecurrently has an audience of 65 million people worldwide, which includes 22million digital monthly users in the U.S., about 18 million social mediafollowers and almost 12 million readers of the print publication in the U.S.

BandLab is a music-focused social media platform founded byKuok Meng Ru, the son of Singaporean business magnate Kuok Khoon Hong.

The Singaporean firm will not have an editorial role at themagazine, but instead will manage a new Rolling Stone International unitfocusing on live events, merchandising and hospitality services, according tothe report. The deal does not include any stake in Wenner Media.