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Ex-GMG Radio chief's venture buys Future Publishing titles in £10.2m deal Ex-GMG Radio chief's venture buys Future Publishing titles in £10.2m deal
(6 months later)
A new venture headed by former GMG Radio chief executive John Myers has bought Future music titles, Classic Rock and Metal Hammer, in a £10.2m deal.A new venture headed by former GMG Radio chief executive John Myers has bought Future music titles, Classic Rock and Metal Hammer, in a £10.2m deal.
Myers is executive chairman of the new company, TeamRock, which will create and distribute content to what it describes as the "large but under-served community" of rock music fans.Myers is executive chairman of the new company, TeamRock, which will create and distribute content to what it describes as the "large but under-served community" of rock music fans.
The new business is expected to announce more acquisitions in the next few days.The new business is expected to announce more acquisitions in the next few days.
Future, which also publishes titles such as T3 and Total Film, said the two magazines were "highly successful" but not "centre stage in our growth strategy".Future, which also publishes titles such as T3 and Total Film, said the two magazines were "highly successful" but not "centre stage in our growth strategy".
Myers is joined in the new venture by former GMG Radio regional director Billy Anderson, who is TeamRock's chief executive.Myers is joined in the new venture by former GMG Radio regional director Billy Anderson, who is TeamRock's chief executive.
The purchase was financed by Harwood Private Equity which will provide funding for the "ongoing development" of the business.The purchase was financed by Harwood Private Equity which will provide funding for the "ongoing development" of the business.
Myers said: "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."Myers said: "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."
The deal includes all brand extensions of the two Future magazines, including the Golden Gods and the Classic Rock Roll of Honour.The deal includes all brand extensions of the two Future magazines, including the Golden Gods and the Classic Rock Roll of Honour.
Future chief executive Mark Wood said: "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.Future chief executive Mark Wood said: "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 TeamRock.""They are great brands with a great team and I am confident they will continue to flourish under new investment from TeamRock."
TeamRock describes itself as a "new international multimedia content creation and distribution business" 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".TeamRock describes itself as a "new international multimedia content creation and distribution business" 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 described rock-music fans as a "large but under-served community".It described rock-music fans as a "large but under-served community".
Anderson said: "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."Anderson said: "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."
Jeremy Brade, who led the transaction on behalf of Harwood Private Equity, added: "We are delighted to support the acquisition of the titles and the management team with its ambitious plans for the business".Jeremy Brade, who led the transaction on behalf of Harwood Private Equity, added: "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.TeamRock was advised by Trillium Partners.
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