The international media group Future has announced that it will sell Classic Rock and Metal Hammer magazines to TeamRock for £10.2m. The sale also includes associated periodicals Prog and AOR and branded events The Golden Gods and The Classic Rock Roll of Honour. The transaction was led by Harwood Private Equity. TeamRock was advised by Trillium Partners for the raising of financing and the acquisition of the brands.
Mark Wood, Future Chief Executive:
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.Classic Rock and Metal Hammer generate revenues predominantly from print. Their sale is in line with Future's strategy of prioritising products which are international and digital. These two iconic print brands have not been central to that strategy and will thrive within a broader music business.
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.