Published:
Singapore billionaire's son buys 49% stake in American magazine Rolling Stone
The size of the deal was undisclosed.
BandLab Technologies, a social music startup founded by the third son of Singapore-based agribusiness tycoon Kuok Khoon Hong, has acquired a 49% share in Rolling Stone.
This is the first time the 49-year old American publisher allowed outside investors to buy into the property.
The size of the deal was not disclosed.
BandLab, which was launched last year, is headed by Kuok Meng Ru, a 28-year old Cambridge graduate. It is a social network for musicians and fans and backed by private investrs, including Kuok's father and JamHub Corp., a maker of audio mixers.
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