Two former GMG radio bosses have teamed up to buy Classic Rock and Metal Hammer from Future in a £10.2m cash deal backed by Harwood Private Equity.
John Myers, a former chief executive of GMG Radio, is the executive chairman of Team Rock, the new company behind the acquisitions. Billy Anderson, a former regional director of GMG Radio, is chief executive.
Team Rock said it would use Classic Rock and Metal Hammer to create “a worldwide platform for this large but under served community” of rock fans and it promised further acquisitions within days.
The magazines had combined annual sales of £8.6m last year but made an adjusted pre- tax profit of only £200,000 and generated little income from digital operations.
Harwood is the principle investor in Team Rock but Mr Myers declined to reveal the size of its stake.
The private equity firm has an interest in publishing after a successful coup at the listed book publisher Quarto last autumn when its founder Laurence Orbach was ousted.