Two of the possibly most renowned British rock/metal magazines, Metal Hammer
and Classic Rock Magazine
, were officially sold to TeamRock
in an almost $15.5 million deal. Led by former GMG Radio chief executive John Myers
, TeamRock will now own rights to create and distribute magazine content, but will also gain full ownership of events such as the Golden Gods
and Classic Rock Roll Of Honour
, chief executive of Future PLC
, the company which sold the titles, stressed out that although both Classic Rock and Metal Hammer are highly-successful, they are simply not the "centre stage in the current growth strategy."
"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."
"This is a great business and is the first building block of our wider ambitions. We expect to announce further developments within the next day or so,"
Myers said according to Guardian
. TeamRock, which considers itself as "the new international multimedia content creation and distribution business to provide and create premium content to rock-music fans across the world via digital platforms,"
is also planning on making further purchaser and investments, describing rock music fans as a "large but under-served community."
Former GMG Radio regional director and current TeamRock chief executive Billy Anderson
said that the company is "delighted to acquire these wonderful brands," adding they will play a significant part in the further development of larger business.