UK Edition
Rock magazines saved by former publisher
Popular music magazines Classic Rock, Metal Hammer and Prog have been saved from closure by their former publisher, less than a month after their owner collapsed into administration.
Future Publishing has bought the titles, along with the Golden Gods Awards and the Classic Rock Awards, after previous publisher Team Rock went into administration in December, putting 70 staff out of work.
News of the closure of the magazines prompted an outpouring of support from bands and fans, and more than £85,000 was raised for staff affected by the possible job losses just before Christmas.
Joint administrator Tom MacLennan from FRP Advisory said Team Rock had traded at a loss “for a significant period of time” and that administration had been “the only viable option”.
Future had previously owned the titles until 2013, when it sold them to Team Rock for £10.2m. It bought them back for £800,000 this week.
Zillah Byng-Thorne, Future’s chief executive, said the acquisition of the magazines and the associated events and websites marked another step in its strategy to expand the business.
"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,” she added.
Future has not confirmed how many of the magazines' staff will keep their jobs
Metal Hammer magazine launched in 1986, while Classic Rock launched in 1998 and Prog launched in 2009. Future already owns music titles such as Rhythm and Guitarist, and has in recent years concentrated on expanding the number of events it runs.