Metal Hammer and Classic Rock Magazine Sold for $15 Million

artist: misc date: 04/04/2013 category: industry news
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Metal Hammer and Classic Rock Magazine Sold for $15 Million
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. Mark Wood, 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.
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