Billionaire Richard White spends $11m on Rolling Stone’s local owner

Australia’s wealthiest chief executive, WiseTech billionaire Richard White, has spent $11 million to bankroll the takeover of music publisher The Brag Media, which owns the local licence to mastheads Rolling Stone and Variety.

Mr White, a former musician who used to repair guitars for AC/DC and The Angels, has doubled down on the music industry in the acquisition. He will own more than a third of ASX-listed Vinyl Group by funding its purchase of The Brag. It is his first foray into the world of media.