Keith J. Kelly

Keith J. Kelly

Media

Race to buy Wenner’s stake in Rolling Stone hits homestretch

The derby to buy out founder Jann Wenner’s 51 percent stake in Rolling Stone is said to be in the homestretch with Jay Penske of Penske Media looking like the front-runner. Penske owns Women’s Wear Daily and Variety.

Playboy owner Rizvi Traverse , The Hollywood Reporter owner Todd Boehly’s Eldridge Industries, and the venture put together by Madison Square Garden chairman James Dolan and Irving Azoff are all believed to have faded out of the picture in recent weeks.

Penske’s only competition is said to be coming from BandLab, the Singapore-based company that paid $40 million to Wenner for a 49 percent stake in September 2016.

BandLab is headed by Meng Ru Kuok, 28-year-old son of phenomenally wealthy Singapore businessman Kuok Khoon Hong. BandLab is said to hold a right of final offer as part of its joint venture agreement.