According to Guardian.co.uk, long-running U.K. rock/metal magazines Classic Rock and Metal Hammer have been sold for £10.2 million (approximately $15.44 million) to TeamRock, a new venture headed by former GMG Radio chief executive John Myers.
The deal includes the brand extensions for both stations such as the magazines and their events, the Golden Gods and Classic Rock Roll Of Honour.
Mark Wood, chief executive of Future PLC, which sold the two titles to TeamRock, said: “Classic Rock and Metal Hammer are highly successful and well-managed parts of Future, but they have not been centre stage in our current growth strategy.
“They are great brands with a great team and I am confident they will continue to flourish under new investment from TeamRock.”
TeamRock describes itself as a “new international multimedia content creation and distribution business” to “provide and create premium content to rock-music fans across the world via digital platforms and through the Classic Rock and Metal Hammer titles”.
Billy Anderson, former GMG Radio regional director who is TeamRock‘s chief executive, said: “We are delighted to acquire these wonderful brands that will play a significant part in the development of our larger business. They come with a great team led by Chris Ingham and we look forward to investing further in their development.”
According to Future, Classic Rock and Metal Hammer generated revenue of £8.6 million and an adjusted pre-tax profit of £0.2 million as of the end of September 2012, with an underlying profit of £2 million.