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Classic Rock publisher goes belly up
British company Team Rock Ltd, publisher of the Classic Rock, Prog and Metal Hammer magazines, as well as TeamRock.com and associated internet radio station, has gone into administration (called bankruptcy/liquidation in other parts of the world). They have acquired the magazines from Future Publishing in 2013, but apparently never managed to make them profitable. 73 employees have lost their jobs with just 7 remaining to assist in liquidating the business. Team Rock generated sales of £6.5 million in 2015, down from £7.5 million in 2014 and administrative expenses ballooned to £12.4 million, up from £9.3 million in 2014.
The brands that it owned, including Classic Rock, are expected be sold to the highest bidder.
The announcement posted on the still running (so far) Team Rock website reads:
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.
Thanks to BraveWords and Daily Record for the info.
Unauthorized copying, while sometimes necessary, is never as good as the real thing
73 folks out of a job,days before Christmas,a cruel blow indeed.
December 20th, 2016 at 19:29Further proof that the demise of the print medium is at hand.
Music to Ian Gillan ears. The guy hates all the B*** S*** published for the last 48 years about him and DP
Maybe DP management could put a bid to buy it for pennies just in time before the release of the new album and the guy can write their own reviews give it 10 out 10.
December 20th, 2016 at 19:43Oh NO! I visit those sites just as often as I visit here, giving my two pennies worth, if anything I waffle on about is worth that much. Seriously though, I hope anyone who lost their job finds employment somewhere else. Cheers.
December 20th, 2016 at 19:44I feel bad for the people that lost their jobs. Hopefully they will find something else soon , but I do hope it’s the end of this Led Zep fanzine. What a piece of rubbish that rag was/is .
December 20th, 2016 at 21:13Sad but not unexpected. Publishers all over the world are having difficulties with shrinking sales due to the internet. It’s just the same with albums & dvd/bluray sales & who knows what else….. People won’t pay for something that they can get for free on an electronic device. You were my sunshine, my only sunshine, you made me happy when skies were grey…., damn it.
December 20th, 2016 at 21:30And slowly, but surely, it all grinds to a halt. Rock musicians aren’t earning enough to make a living out of music, creativity and writing, the journos can’t sell enuff as the new is old by the time it goes to press.. even the newspapers are charging for content online.
It’s a sad time for rock music. If musicians can’t earn a living and progress on their instruments and writing, then theres no innovation, theres no media in the book shop/newsagents to sell new artists/music… deary me 🙁
December 20th, 2016 at 23:35In its early days I was an avid buyer of CR magazine. However over the course of several years they tended to rehash a lot of the same old stories. Their biggest problem in my estimation was an over infatuation with all things Led Zeppelin, AC/DC, GNR/Slash and other tired old chestnuts. Very very scant coverage of Deep Purple / Rainbow / Whitesnake, etc.
As such the magazine and its awards shows became very predictable and less appealing to purchase….for my tastes anyways.
Unfortunate development this bankruptcy is, but perhaps a new buyer will seize the opportunity to diversify its coverage of other deserving bands (ie Deep Purple family & spinoffs and lots of others) and hence increase readership.
December 21st, 2016 at 02:22Always sad when people lose their jobs.
December 21st, 2016 at 10:57Well, that’s terrible news. I know it’s a bit old-fashioned to still read – and pay for – actual physical magazines, but I always enjoyed picking up the new issue of Classic Rock and reading through it. It wasn’t just a nostalgia fest – although that aspect of it was always enjoyable – but it also introduced to many new (or new-ish) bands with a “classic rock” sound whom I’ve become a big fan of, and whom I probably wouldn’t have heard any other way, including The Virginmarys, Purson, Wolf People, Vintage Trouble, Clutch, Lionize and others.
I hope whoever buys the company’s assets can find a way to make the magazines work. And I wish all the best to those employees who are having to deal with the terrible news of being out of a job, right before Christmas.
December 21st, 2016 at 14:33This is too bad for me and I am in California. I really enjoy Classic Rock and have for years and have introduced lots of people to it and I even ordered their Hardbound edition of their special Deep Purple issue a couple of years back. It is the major reason that I go to the Book Store monthly. I have discovered and purchased the CD’s of many a band from their Sampler Discs. I never failed to learn something from an issue about artists I like that are not really covered here in the states (BCC, Rainbow, Deep Purple for God’s sake!) and for Rock music it beats the hell out of the Rolling Stone (in fact R.S. just started doing an artists’ discography review similar to CR’s but without the “Avoid” section since they just like to kiss your ass unless you happen to disagree with them). I hope that someone picks up and continues to publish Classic Rock at least.
December 21st, 2016 at 17:37Not surprised. There was a time I looked forward to getting my “classic rock magazine” in the mail, but the last couple years have generally been a disappointment. Too much newer crap (ie. Hollywood Vampires) and not enough classic rock stories…and especially not enough Deep Purple.
December 21st, 2016 at 17:55While both administration and liquidation are insolvency events, they are not the same thing.
With administration there is an attempt to pay off the debts and continue the business. Roughly equivalent to US chapter 11.
Whereas liquidation the business has ceased trading and the assets are to be sold to pay the creditors. This can be voluntary or as a result of a court judgement. Roughly US Chapter 7.
While a company is in administration, creditors cannot apply to court to commence compulsory liquidation.
December 21st, 2016 at 20:02Ouch, there goes my subscription money. Darn, I really liked Classic Rock and Prog, used to call them “my porn mags” before my wife.
December 22nd, 2016 at 15:56@2 You are correct. As for support of such extremely bad editing and the vernacular of ass backward journalism, I won’t miss them. Goodbye, Team Rock. Just giving an actual journalists poi9jnt of view, which editors here at THS could also chime in about. At least they know something about the field from within. Talking this rag up? I guess people buy but they don’t actually read. Use the internet, you will actually learn something. Waiting around for this at your door is pretty baron. It reminds me of 1978 when it was actually needed.
December 22nd, 2016 at 16:54The typo above is not in print. See the difference.
December 22nd, 2016 at 16:55@3 Macgregor, never mind old chap, all is not lost!. An alternative music website is ‘Ultimate Classic Rock’, it’s quite good. On the other hand, a fairly decent alternative for the hard copy music magazine is ‘Record Collector’. There are others… but eventually they will probably all disappear, such is the way of all dinosaurs. Happy holidays mate!.
December 22nd, 2016 at 21:41I stopped buying Classic Rock a long time ago.
They very rarely had exclusives on Deep Purple.
They had ONE feature on Blackmore based on old interviews.
December 23rd, 2016 at 09:50Blackwood Richmore @ 16 – cheers & all the best to you & everyone here at THS for another year etc! I visit that Ultimate Classic Rock site also, & a few others, but there were some decent folk commenting at CR that were right up on their rock music, that, unless they are lurking here under a different pseudonym, I will miss their different opinions on certain things! There were a couple of very passionate Blackmore/Purple fans there always hassling CR for more DP related material. As they DP etc, didn’t get the coverage that G&R, Metallica, LZ & many other more commercial artists seemed to get, Sheeesh, the way things are going THS may be the only one left soon. Which makes me wonder as to when we are all gone to the ‘other side’, will there be a THS web site over there for us all? Worth thinking about eh? Take care one & all! Cheers.
December 26th, 2016 at 06:37The mags that I wish still existed are the DP and Blackmore fanzines darker than blue and more black than purple! I own and treasure all of the issues. Lots of great contemporary info!
December 28th, 2016 at 03:35MacGregor @ 18; yes I feel likewise. I will miss the musings of Mr. Hare, Dr. Doom, Val, OJ and others on the CR comments pages. Hopefully another company will pick up CR mag & website and re-fashion all into a financially viable and entertaining publication.
December 29th, 2016 at 04:44I was/am a subscriber to Classic Rock and have mixed feelings about what has happened. Firstly I am very sorry for the people who have lost their jobs at this time of year, that’s a terrible thing to have happened, and also because it did fly the flag for hard rock of a 60s/70s persuasion or influence that others (Q, Mojo) won’t cover. However, I do agree with the comments about it becoming very Led Zep, AC/DC and GnR focused, maybe that’s what sold, but it always seemed very critical of the Purple ‘family’ generally. I thought the review of Whitesnake’s Purple album, whatever you thought of it, was puerile and it’s been very negative on Ritchie for years. I wasn’t convinced the spin offs (Prog, Blues) added anything and the awards ceremonies in Japan and LA were clearly a financial stretch. I hope someone picks up the core magazine and get’s it back up and running again though.
December 29th, 2016 at 15:07DeeperPurps @ 20- yes indeed, hoping for the website to resurface sometime under another moniker etc. Dr Doom was certainly a ‘passionate’ Blackmore aficionado, taking no prisoners either! Another thing I liked about CR, was the progressive artists they covered at times! Cheers.
Scott W @19 -yes the More Black Than Purple site I visit often, some good coverage there of all things Purple, Rainbow & others. Cheers.
January 1st, 2017 at 11:18Is there a better classic rock mag out there? If so let me know and I’ll check it out.
January 2nd, 2017 at 15:24Hi MacGregor @22. Yes hopefully the website and magazine will come back to us in another form. I am thinking that when TeamRock took over from Future Publications a couple of years back, that they might have spread themselves too thin by creating the niche magazines of Blues & Prog. Maybe one overall magazine which covers all genres might be the way to go again. Staying tuned! Have a great New Year!
January 2nd, 2017 at 15:28