Photo: Wikimedia Commons/ winestem
Robert M. Parker, Jr., who is one of the world’s most prominent wine critics, is selling a “substantial interest” in his bi-monthly publication, The Wine Advocate, to three Singapore-based investors, The Wall Street Journal’s Lettie Teague reported.These three Singapore investors, who were described in another Journal article as three “hedge fund guys”, remain a mystery.
From the Journal:
…He declined to name his new investors but described them as “young visionaries” in the financial-services and IT fields who had presented him with a plan he couldn’t refuse. “They love wine, but they also saw a great business opportunity,” said Mr. Parker, who will become chairman of the new company and will continue to review the wines of Bordeaux and the Rhone for the newsletter.
The investors will handle the financial operations of the publication, Parker told the Journal.
Parker told the newspaper that The Wine Advocate’s headquarters will also move from Maryland to Singapore. He also plans to get rid of the 34-year-old newsletter’s print version.
TWA also plans to start accepting non-wine related advertisements, reviewing Asian wines and holding tasting events in the region, the report said.
The Wine Advocate has about 50,000 subscribers who pay $75 for six issues, according to the Journal. What’s more is Parker’s 100-point rating scale system can make make or break a winemaker.
[Via: Felix Salmon]
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.