A little-known local startup is going for the big leagues. BandLab — a relatively obscure social music company — reached for the stars and grabbed a gas giant in the form of a 49 percent stake in Rolling Stone, one of America's biggest publications.
This would be the first time that the magazine — founded in 1967 — admitted an outside investor. Detailed terms of the purchase weren't disclosed, but various reports have noted that the Singapore-based company won't be having ownership in Wenner Media LLC, Rolling Stone's corporate parent. That means BandLab will not have any control in the editorial side of the magazine, and will instead look into developing live events, merchandising and hospitality through a new Singapore subsidiary called Rolling Stone International.