TI Media has sold the last remains of NME and Uncut to BandLab Technologies, a Singapore-based music software business.
The deal – which includes the brands’ social, digital, print and experiential assets – is expected to complete by 31 May 2019.
TI Media killed the print edition of NME in 2018 after 66 years, moving the world-famous music mag entirely online. Rock magazine Uncut is still published in print, and its publishing schedule will not be affected by the sale.
TI Media said it anticipated that all NME and Uncut staff will transfer with the sale and will continue to be based in the Blue Fin Building, London.
BandLab Technologies was founded by Meng Kuok, the son of Kuok Khoon Hong, co-founder of Wilmar International, one of the world’s largest palm oil businesses. BandLab is credited with pioneering a social music creation platform and is acquiring NME and Uncut as part of its mission “to grow out a major global music media business”.
The brands will join its media division which includes Guitar.com and MusicTech.
“NME and Uncut will always have a special place in our story,” said Marcus Rich, CEO, TI Media. “Their reputation for stand-out, award-winning journalism spanning seven decades goes well beyond the world of music and I’m proud they’ve attained that status as part of our company.
“At the same time, we need to recognise that to achieve the next stage of their evolution, NME and Uncut will be better placed with a business that has music at its heart. Under BandLab Technologies’ ambitious ownership and direction, I’m confident both of these truly iconic brands will thrive.”
Kuok added: “We are very excited to welcome NME and Uncut to the BandLab Technologies family. These brands occupy a treasured place in the UK music landscape and increasing relevance to the global music scene, which we are looking to enhance and extend.
“These two media brands will play an important role in continuing our vision to create a connected world of music.”
