Former GMG Radio executives John Myers and Billy Anderson have bought two rock magazines from Future plc for just over £10 million.
The new company, TeamRock, now owns Classic Rock Magazine along with Metal Hammer and is expecting to announce further news in the next few days.
RadioToday reported about the creation of TeamRock in July last year and expects radio to form part of the business.
Billy Anderson is TeamRock Chief Executive. He told RadioToday: “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”.
Global Radio recently announced they would sell Real XS, the two rock stations set up by Myers and Anderson to help them in their battle with the Competition Commission on their takeover of GMG Radio.
Billy Anderson previously attempted to buy Real XS Glasgow after leaving the group but no deal was done and the station continued to be part of GMG Radio.
TeamRock secured financing from Harwood Private Equity for the acquisition of the brands and the on-going development of the business.
Posted on Tuesday, April 2nd, 2013 at 7:10 am by RadioToday UK