(Bloomberg) -- BandLab Technologies, a Singapore-based social music platform, has agreed to acquire British music magazines NME and Uncut from TI Media for an undisclosed amount to expand its global music media business.
NME, which started as a British weekly in 1952, has evolved into a digital brand. The deal, which includes the brands’ social, digital and print assets, is expected to complete by May 31, according to an emailed statement. Time Inc. UK was rebranded as TI Media last year.
“These brands occupy a treasured place in the U.K. music landscape and increasing relevance to the global music scene, which we are looking to enhance and extend,’’ BandLab Chief Executive Officer Kuok Meng Ru said in the statement.
Kuok, 30, has turned to acquisitions to build a global platform combining physical, digital and social aspects of the music business. They include U.K. magazines The Guitar and MusicTech, 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. He’s also acquired certain assets and intellectual property of U.S. software developer Cakewalk Inc. and Gibson Brands Inc.
In January, BandLab sold its 49% stake in Rolling Stone, the U.S.-based rock’n’roll magazine, to Penske Media Corp., giving it full ownership of the iconic brand.
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