Metal Hammer magazine saved after being bought by Future Publishing

Future originally sold the titles to TeamRock in 2013

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The Independent Culture

Metal Hammer magazine has been saved from closure, along with Classic Rock and Prog, after going into administration in December. 

More than 70 staff were put out of work days before Christmas, with no severance pay, which prompted the British band Orange Goblin to launch a fundraising campaign which raised more than £85,000 for staff and their families. 

They also held a fundraising gig at the Black Heart in Camden, London on 5 January.

The titles have now been bought back by Future publishing for £800,000, which includes the magazines, events and licence for the Team Rock digital radio service. 

Future was the company which sold the titles to Team Rock for £10.2 million in 2013, and owns titles including Total Guitarist and Rhythm magazines.

Zillah Byng-Thorne, chief executive of Future, 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 hearth, 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."

It is currently unclear what the acquisition means for the staff who lost their jobs in December but Complete Music Update suggests that it is likely a "small number" will be taken on by Future.