A new rock music venture led by former GMG Radio boss John Myers has snapped up magazine titles Classic Rock and Metal Hammer in a £10.2 million deal.
Specialist publisher Future sold the brands to TeamRock, headed by chairman Mr Myers and chief executive Billy Anderson, which said it aims to create a "worldwide platform for this large but under-served community" of rock fans.
The deal also includes branded events, The Golden Gods and The Classic Rock Roll of Honour.
Mr Myers said more announcements were in the pipeline for TeamRock., which has secured financing from Harwood Private Equity for the acquisition and development of the business.
He added: "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."
Future will use the proceeds to pay down debt and support further digital investment.
Mark Wood, Future's chief executive, said the titles generated revenues predominantly from print and have "not been centre stage in our current growth strategy".
"Their sale is in line with Future's strategy of prioritising products which are international and digital," he said.