Last month, with only a few days left before Christmas, employees of TeamRock (the parent company of Metal Hammer) were handed notices that they were being abruptly laid off. With TeamRock deep in debt, they were forced to lay off more than 70 employees.
It was a heartbreaking final chapter for the iconic news organization. In 2013, TeamRock purchased Metal Hammer for more than ten million dollars.
Now, they’re being brought back to life in a deal worth just a fraction of that cost. Future Publishing has acquired Metal Hammer for just $800,000, according to a report from The Guardian. It’s an extraordinary situation, because it was actually Future Publishing that initially sold Metal Hammer to TeamRock in the first place back in 2013.
Essentially, Future Publishing sold Metal Hammer (and a few other platforms) for ten million dollars in 2013 — and now they’re getting them back for next to nothing. That’s one hell of a business deal.
While TeamRock went under, Metal Hammer was still seemingly successful and still has a lot to offer the music world. The iconic publication will likely resume services very soon. It remains to be seen whether they will be bringing back much of the staff that got the heartbreaking news at the end of 2016.
“The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy,” said Zillah Byng-Thorne, chief executive of Future.
“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.”
Time will tell if Metal Hammer will continue to place emphasis on printed media, or if they will become an entirely digital publication. Regardless, we’re glad to see Metal Hammer back in action. Their contributions to the metal community are historic, and having them back is a victory for the entire genre.