Future acquires assets of Team Rock

Thirty-year-old Metal Hammer magazine and stablemates Classic Rock and Prog have been given a new lease of life after being saved from closure by Future Publishing, owner of titles including Guitarist, Total Film and T3.

The titles, along with the Golden Gods Awards and the Classic Rock Awards, suspended publication and faced closure after owner TeamRock, which fashioned itself as the self-styled “home of rock and metal”, went into administration in December.

Now Future Publishing, the publicly listed digital, events and magazine company, has struck a bargain basement deal to buy the magazines, events and licence for the Team Rock digital radio service for £800,000. It was Future, which owns titles including Total Guitarist, Guitarist and Rhythm magazines and online site musicradar, that sold the titles to TeamRock for £10.2m in 2013. More from The Guardian 

Press Release: Future plc (LSE: FUTR, “the Group” or “Future”), the international media group and leading digital business, has acquired the magazines, domain names, events, radio licence and websites of Classic Rock, Metal Hammer, Prog, Blues and the Golden Gods for £800,000 from FRP Advisory, the administrators of Team Rock Limited.

Classic Rock, Metal Hammer and Prog have magazines and dedicated channels within the Team Rock website. Blues features as an online channel on the Team Rock website and Golden Gods is the events operation linked to Metal Hammer.

For the full press release click here

Further comment from Press Gazette click here and The FT HERE