Rolling Stone’s Singapore shareholder wants to buy the magazine

Kuok Meng Ru. Photographer: Wei Leng Tay/Bloomberg

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.

Kuok acquired his 49 percent holding last year after striking a deal with Gus Wenner, two years his junior and the heir apparent to a business built around his father’s pop magazine. Kuok then established Rolling Stone International to expand the brand abroad, including signing a license agreement with Japan’s CCC Group to publish Rolling Stone in Japan.

Rolling Stone made its mark in the 1970s and 80s with cutting-edge music and political coverage. Gonzo journalist Hunter S. Thompson wrote for Wenner for decades. The magazine’s exposes included an 11,000-word story in 1974 on the transformation of heiress Patty Hearst from kidnapping victim to radicalized guerrilla.

Kuok, the third child of Kuok Khoon Hong, co-founder of Wilmar International Ltd., the world’s biggest palm-oil company, launched BandLab in 2016 as a social network for musicians and fans after graduating from Cambridge University with a mathematics degree.

Since then, the company has doubled its payroll to 80 and its BandLab app now has 2 million registered users making about 10 songs a minute, according to Kuok.

BandLab has made a series of acquisitions, including Chew.tv, a London-based video streaming service for DJs, and Mono Creators Inc., a San Francisco-based company that makes high-end instrument cases. It has also developed products in Singapore to help people make and play music more easily using their mobile phones.

Kuok said he wants to build a global music business. In 2012, he acquired Swee Lee, a 71-year-old distributor of guitars in Singapore, and added revamped stores, online merchandising and music lessons, turning it into the biggest distributor of instruments and audio equipment in Southeast Asia. He plans to launch a flagship Swee Lee store in Singapore on Monday that combines instruments, fashion, a music academy and a coffee shop.

“Music is our world,” said Kuok. “Everything we do is anchored around music.”

Also Read:

China’s Toutiao said to buy karaoke app Musical.ly for $800m

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.