Rolling Stone magazine is leaving no stone unturned in its pursuit of growth by capitalising on its iconic brand in Asian markets for the first time - after striking a deal with a high rolling Malaysian billionaire to bankroll its expansion.
Meng Ru Kuok, co-founder of BrandLab Technologies, has purchased a 49 per cent stake in the biweekly music bible and will set up a new international unit in partnership with Gus Wenner, son of Rolling Stone’s co-founder.
At stake is access to a regional music industry estimated at $3.2bn, a potentially lucrative market for the magazine which is struggling in established western markets in common with most publishers.
Commenting on the pairing Wenner remarked that the deal was ‘not a short-term partnership. It is about the expansion of Rolling Stone internationally into new areas of opportunity and propelling the brand’s global growth.’
Kuok will head up the Far Eastern division personally, capitalising on his experience in the live event, merchandising and hospitality sectors.