Future has acquired Metal Hammer, Classic Rock and Prog brands, despite selling them to Team Rock in 2013.
The publishing house sold the brands, along with events like The Golden Gods, to Team Rock back in April 2013 for £10.2 million. But has now bought them back for £800,000 after Team Rock went into liquidation on December 20th 2016.
More than 70 people were laid off following the collapse and staff had reportedly been told that they would not be paid for the month of December, just one week before Christmas.
Orange Goblin frontman Ben Ward launched a crowdfunding campaign to help those who have lost their jobs, which has now raised over £80,000.
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Music Week reports that all seven of the retained staff have been transferred and Future is in conversations with people in key roles about employment opportunities. “Over the coming weeks we’ll be looking at optimum levels of ongoing employment,” said the firm.
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.
“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.
“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.”