02/04/13 Future plc today agreed the sale of its rock brands Classic Rock and Metal Hammer to TeamRock Limited, (TeamRock) the new international multi-media content creation and distribution business.
The £10.2m sale includes all the brand extensions of the magazines alongside internationally famous branded events, The Golden Gods and The Classic Rock Roll of Honour.
TeamRock is a new company formed to provide and create premium content to rock music fans across the world via digital platforms and through the Classic Rock and Metal Hammer titles. It brings together a team of leading executives to create a worldwide platform for this large but underserved community.
Billy Anderson, TeamRock Chief Executive, says: “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.”
John Myers, TeamRock Executive Chairman, adds: “This is a great business and is the first building block of our wider ambitions. We expect to announce further developments within the next day or so.”
Mark Wood, Future Chief Executive, comments: “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.”
TeamRock secured financing from Harwood Private Equity for the acquisition of the brands and the on-going development of the business.
Jeremy Brade, who led the transaction on behalf of Harwood Private Equity, says: “We are delighted to support the acquisition of the titles and the management team with its ambitious plans for the business.”
TeamRock was advised by Trillium Partners for the raising of financing and the acquisition of the brands.
Billy Anderson, Chief Executive TeamRock. 07813 061 577
Chris Taylor, Director of Communications, Future. 07980 221942
About Team Rock Limited:
- Team Rock Limited (TeamRock) is a new company founded by Billy Anderson and chaired by John Myers. John is the former Chief Executive of GMG Radio and Billy Anderson was Regional Director of GMG Radio.
- TeamRock is a new content, creation and distribution business for rock fans around the world.
- TeamRock anticipates adding to its portfolio of assets in the next few days along with announcing the development of its brand on a range of different platforms.
About Future plc:
- Future plc is an international media group and leading digital publisher, listed on the London Stock Exchange (symbol: FUTR).