Seven months after scrapping its iconic oversized format, the biweekly publication will enter the video game business with the May 26 release of Rolling Stone: Drum King, produced by 505 Games for the Nintendo Wii.

Drum King, a rhythm-action game in the same vein as Guitar Hero, is part of an effort by the biweekly magazine to hitch its brand to a growing medium at a time when print is contracting. In the first quarter magazines tracked by Publishers Information Bureau sold nearly 26 percent fewer ad pages than the same period last year. Rolling Stone’s pages fell 22.5 percent for the period.

Lately the Wenner Media title has been pushing its name elsewhere to offset declines in revenue from the magazine. After Barack Obama was elected, the publisher sold some 300,000 “bookazines,” glossy compilations of its coverage of the Presidential race, at $9.95 apiece.

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On Wednesday, Fujitsu Frontech began selling the world’s first color e-paper e-book reader. Available on April 20 in Japan only, the gadget costs 99,970 yen, or more than $1,000.

Until now, e-books like the Amazon (AMZN) Kindle and Sony (SNE) Reader have been limited to black and white or shades of gray, making them OK for reading plain books and newspapers that like to use stipple drawings, but not great for colorful print media such as magazines.

But if color e-book readers catch on, one theory holds, magazines and other media that currently print on dead trees would have a cheap way to distribute–and charge for–the colorful content and ads that marketers will pay for. Recently, publisher Hearst said it wanted to dive further into the e-book business.

Fujitsu’s color e-paper technology, first unveiled in 2007, is different from the technology created by the Massachusetts-based E Ink that’s used by the Sony and Amazon. But E Ink says it is working on color displays, too.

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