Kuok Meng Ru, the 29-year-old founder of Singapore's BandLab Technologies, said he wants to buy the 51 percent of Rolling Stone he doesn't own, Bloomberg reported on Thursday.
Kuok, a member of one of Asia's richest families, is in talks to take over the magazine after Jann Wenner put his controlling stake up for sale two months ago, he told Bloomberg in an interview in Singapore.
Kuok is trying to relinquish his hold on the publication, which was co-founded by Wenner in San Francisco in 1967.
Kuok acquired his 49 percent holding last year after striking a deal with Gus Wenner, two years his junior and the heir apparent to a business built around his father's pop magazine, Bloomberg reported.
Like other consumer magazines, Rolling Stone has struggled with declining newsstand sales and an online advertising market dominated by Facebook and Google, the report said.
In September, Wenner Media said it was exploring strategic options for its majority interest in the Rolling Stone magazine.
The company recently sold its two other magazines, Us Weekly and Men's Journal, highlighting the struggles of the industry as advertising revenues fall in an increasingly competitive online age.