British media company Future Publishing has added to its portfolio with the acquisition of Classic Rock, Metal Hammer, Prog, online channel Blues and events arm Golden Gods from Team Rock in a deal valued at £800k.
The haul of titles follows the appointment of administrators by Team Rock in December last year on a care and maintenance basis whilst a buyer for its assets was sought.
Future originally sold the titles to Team Rock for £10.2m in 2013.
The deal includes the magazines, domain names, events, radio licence and websites for each brand – in addition to an events business linked to Metal Hammer.
The deal was struck with FRP Advisory, the administrators of Team Rock Limited, who were called in after the firm suddenly collapsed just days before Christmas. Over 70 staff were laid off as part of the firm going into administration.
At the time administrators from FRP Advisory said the business had traded at a loss “for a significant period of time, with consequent constraints on the cash position”.
Future said it was “keen to preserve these iconic brands” and harness their potential as part of its portfolio of music magazines, which includes Guitarist, Music Radar and Rhythm.
Zillah Byng-Thorne, Future chief executive said: "The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy.
"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 Limited to Future plc 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.”