Metal Hammer, Prog and Classic Rock magazines have been saved from closure, after being purchased by Future Publishing for the price of £800,000.
73 staff were put out of work and reportedly told they would not be paid for the month of December, when parent company Team Rock went bankrupt. All three titles suspended publication at the time, while the Golden Gods Awards and Classic Rock Awards stalled operation.
After originally selling the titles back in 2013 for £10.2million, now Future Publishinghas agreed a deal with the Administrators at FRP Advisory, confirming the purchase of Team Rock’s magazines, events and digital radio service licence. The company also owns titles including Total Guitarists, Guitarist and Rhythm.
Zillah Byng-Thorne, chief executive of Future, said of the deal: “The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy.”
She added: “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.”
Back in December, a crowdfunding campaign was launched by Orange Goblin frontman Ben Ward to help those who lost their jobs. “These are good, hard-working, committed people that through Metal Hammer, Classic Rock, Prog Rock, TeamRock Radio and more, have supported the rock and heavy metal scene in this country for decades and now we, the rock community, need to pull together to help give something back,” he said at the time. The group help a fundraising gig at Camden’s Black Heart on January 5.
Metal Hammer has been an established hard rock magazine since launching in 1983. Classic Rock, which launched in 1998, is a monthly publication which prints 50,000 readers per issue.
A spokesperson for Future informs NME that those who previously had key roles under Team Rock would be approached for employment opportunities.