Some good news arrived in the first weekend of 2017 when it was announced that Future Publishing, the previous home to Prog, Classic Rock, and Metal Hammer magazines, was set to purchase the magazines from TeamRock. This comes just a few weeks after the magazines were shut down and 73 people were let go. It was Future that sold the properties to TeamRock for£10.2m in 2013 and is now purchasing them back for £800,000.
In an article published on The Guardian, Zillah Byng-Thorne, chief executive of Future, was quoted as saying: “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.”
In addition to these new acquisitions, Future also owns the titles Total Guitarist, Guitarist and Rhythm magazines and online site musicradar.
There is no news as to when Prog magazine will return to normal circulation, but we expect this to be a good outcome in the end.
