Specialist magazine publisher Future PUblishing has sold Classic Rock and Metal Hammer to a new company called Team Rock for £10.2m.
The sale includes all brand extensions including: The Golden Gods and The Classic Rock Roll of Honour.
Two former executives for regional radio group GMG Radio are behind the deal. GMG Radio was sold to Global Radio in a reported £70m deal last year.
Team Rock describes itself as a new company formed "to provide and create premium content to rock music fans across the world via digital platforms and through the Classic Rock and Metal Hammer titles". It said that it "brings together a team of leading executives to create a worldwide platform for this large but under-served community".
Team Rock is has been founded by former Regional Director of GMG Radio Billy Anderson and is chaired by former chief executive of GMG Radio John Myers.
It describes itself as a new "content, creation and distribution business for rock fans around the world" and says that it will add to its "portfolio of assets in the next few days" and also be "announcing the development of its brand on a range of different platforms".
Anderson said: “We are delighted to acquire these wonderful brands that will play a significant part in the development of our larger business. They come with a great team led by Chris Ingham and we look forward to investing further in their development.”
Myers said: “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.”
Future chief executive Mark Wood said: "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 Team Rock.”
The deal has been financed by Harwood Private Equity.
Monthly sales of Classic Rock dropped 9 per cent year on year to 56,714 in the second half of 2012. Sales of Metal Hammer, also a monthly, fell 14.8 per cent year on year to 30,029.
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