MAGAZINE publisher Future has sold the Classic Rock and Metal Hammer publications to TeamRock, the newly formed media business spearheaded by the former head of GMG Radio.
TeamRock has bought the magazines, as well as the rights to associated events such as Metal Hammer’s Golden Gods awards, for £10.2m, the firms announced yesterday.
Future, which also owns publications such as technology magazine T3 and movie publication Total Film, said the disposal came as part of its strategy to focus on expanding digital revenues.
Metal Hammer and Classic Rock, which have a circulation just shy of 100,000, have a predominantly print-based readership.
TeamRock is chaired by John Myers, the former chief executive of GMG Radio, which was bought by Global Radio last year.
The venture, backed by Harwood Capital, aims to create a new rock-focused media group.