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Publisher buys back assets

Music magazines saved in deal with former owner

A portfolio of music magazines has been saved after being bought by Future Publishing which sold them to their current owner, Team Rock, in 2013.

Future will add Metal Hammer and stablemates Classic Rock and Prog to its titles which include Guitarist, Total Film and T3.

Team Rock, based in High Blantyre and London, suspended publication and faced closure after plunging into administration last month.

More than 70 staff were put out of work with no severance pay just days before Christmas.

Future Publishing, the publicly listed digital, events and magazine company, has struck a deal to buy the magazines, events and licence for the Team Rock digital radio service for £800,000.

It sold the titles to Team Rock for £10.2 million three years ago.

Zillah Byng-Thorne, chief executive of Future, 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.”

Classic Rock, which launched in 1998, sold an average of 51,000 copies per issue in 2015 and Prog, launched in 2009, championed progressive rock music.

Only a handful of staff are expected to switch to the new owner, according to administrators FRP Advisory.

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.”

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