Team Rock makes a comeback to Future
Future plc, international media group and digital business, has acquired music publisher Team Rock’s Classic Rock and Metal Hammer magazines for £800,000 after the publisher entered administration in December 2016
9 Jan 2017
It is only three years since Future first sold the titles to Team Rock and it has made a substantial return on the sale. Future originally owned the magazine titles, but sold them to Team Rock for £10.2m in 2013. It now adds them to its collection of other music magazines including Total Guitar, Guitar and Rhythm.
Future now owns the domain names, events, radio license and websites of Classic Rock, Metal Hammer, Prog, Blues and the Golden Gods after purchasing them from FRP Advisory, the administrators of Team Rock Limited.
In December 2016, Team Rock entered administration with 70, out of a total of 80, staff members losing their jobs just before Christmas. A JustGiving page was set up by a heavy metal band’s frontman with the aim to raise £20,000 for the staff that have been made redundant. The campaign has currently raised £85,888.
It is not yet known whether the 70 staff will now join Future.
Zillah Byng-Thorne, Future chief executive, and CFO at the time of the original sale, 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.’
Tom MacLennan, joint administrator and partner with FRP Advisory said: ‘We are delighted to have sold the assets of Team Rock Limited to Future plc and wish the new owners every success. The deal took just three weeks to conclude, during which time FRP Advisory received extensive support for our efforts to find a buyer, for which we are very grateful.’
Read the back story on CCH Daily at Music publisher Team Rock drummed into administration