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Wednesday, 21 December 2016

Magazine Watch: Classic Rock Magazine Folds

The digital world has many benefits but there is also a downside and for years now the publishing industry have struggled to find their place in this new world  -  The news-stand magazine business is a case in point. It has not been healthy in recent years but all the same the news that Team Rock, publishers of such well known titles as Classic Rock and Metal Hammer have gone to the wall, came as a shock. Publications from this company were common in UK shops and have an army of loyal fans - it seems that in today's market having a loyal readership doesn't count for much -  Reports are that 73 jobs have been lost within the once powerful publishing company.

It had been reported in 2015 that the company was £11.7 million in debt, a figure which is sure to have increased by now.

ADMINISTRATORS APPOINTED – TEAM ROCK LIMITED - 19 DECEMBER 2016

Thomas Campbell MacLennan, Alexander Iain Fraser and Jason Daniel Baker of FRP Advisory LLP were appointed as Joint Administrators of Team Rock Limited (“the Company”) on 19 December 2016. The affairs, business and property of the Company are being managed by the Joint Administrators, who act as agents of the Company and without personal liability. The Company is being managed on a care and maintenance basis only whilst a buyer for the assets is sought. Accordingly, the TeamRock website will be unavailable for the foreseeable future. The administrators are assessing the position regarding publication of magazines. If you are a subscriber to the Company’s publications the administrators can be contacted via email at teamrock.subscribers@frpadvisory.com


Orange Goblin frontman Ben Ward has launched a Crowdfunding campaign to help those who have lost their jobs.

“Today, 73 members of the Team Rock staff were told that the company is going into liquidation and that they are being made redundant with immediate effect with ZERO pay,” he said in a statement. “These are good, hard-working, committed people that through Metal Hammer, Classic Rock, Prog Rock, TeamRock Radio and more, have supported the rock and heavy metal scene in this country for decades and now we, the rock community, need to pull together to help give something back.”

Read more at http://www.nme.com/news/fans-react-metal-hammer-classic-rock-magazines-go-bankrupt-1919342#DLEM144ylgCuRMK0.99
 

1 comment:

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