Media company Future has agreed a deal to buy, and rescue, a group of rock magazines.
Future’s share price dropped by two per cent Monday morning after it announced the deal for Classic Rock, Metal Hammer, Prog, Blues and Golden Gods.
The publisher sold the titles for £10.2m in 2013 to Team Rock, which went into administration shortly before Christmas. And it will now buy them for £800,000 from FRP Advisory, the administrators of Team Rock.
The company, which already publishes Guitarist, Music Radar and Rhythm, said the deal “marks a further step in our buy and build strategy”.
Future chief executive Zillah Byng-Thorne said: “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 to Future 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.”