Classic Rock and Metal Hammer have been sold by Future for £10.2 million to TeamRock, a business led by former chief executive of GMG Radio John Myers and Billy Anderson, former regional director of GMG Radio.
The deal includes the brand extensions for both stations such as the magazines and their events, The Golden Gods and The Classic Rock Roll of Honour.
Anderson is chief executive of TeamRock, a new company formed to provide rock music fans with premium content through digital platforms, while Myers will act as executive chairman.
Anderson explained that the purchase of the two stations would play ‘a significant part’ of the development of the larger business and would be led by Chris Ingham.
“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 TeamRock,” added Myers.
The financing of the deal was led by Harwood Private Equity, while TeamRock was advised by Trillium Partners in order to raise the necessary finances.
Future has revealed that the two brands generated revenue of £8.6 million and an adjusted pre-tax profit of £0.2 million as of 30 September 2012,while the underlying profit is said to be £2 million. Gross assets related to the brands were also valued at £6.6 million by Future.