Wed, 11 Jan 2017 | BUSINESS SALE
Rock music magazines including Metal Hammer, Classic Rock and Prog have been saved from closure after they were acquired from administrators of media firm Team Rock by Future Publishing.
Last month we reported how south Lanarkshire-based Team Rock collapsed with the loss of 70 jobs after getting into financial difficulty.
Now Future has struck a deal to buy the magazines, domain names, events, radio license and websites of Classic Rock, Metal Hammer, Prog, Blues and the Golden Gods for £800,000.
This is some way below the £10.2 million Future made from selling the titles to Team Rock back in 2013.
In a statement Future said it was “keen to preserve” the “highly respected” titles. Its chief executive Zillah Byng-Thorne said: “The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy.
“It further reinforces our creation of a leading global specialist media platform with data at its heart, which we are monetising through diversified revenue streams.
“We look forward to developing further these iconic and much-loved brands and to continuing to serve their communities of dedicated enthusiasts around the world.”
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