NEW YORK: Media investor Jay Penske on Wednesday announced a stake in Rolling Stone to revive the financial health of the iconic magazine of music and counterculture, with founder Jann Wenner preserving a role. BandLab Technologies, a Singaporean start-up headed by Kuok Meng Ru, the scion of one of Asia’s richest families, will keep its 49 per cent stake in Rolling Stone bought last year, Penske said. Wenner launched Rolling Stone in 1967 through a family loan when he was a hippie student in Berkeley, California. Wenner will move from serving as Rolling Stone’s publisher to a new role of editorial director. Gus Wenner, Jann’s son, will keep his position of president and chief operating officer of Wenner Media and join the advisory board of Penske Media Corp., the statement said.

Source: New Strait Times December 21, 2017 04:30 UTC