Team Rock Goes Out Of Business

^{Team Rock is a South Landshire- based music media firm who parents a plentitude of companies. Specifically speaking, in 2013 Team Rock bought the Classic Rock, Prog and Metal Hammer magazines from Future publishing—only a year after Team Rock itself was founded. They operated a rock music magazine as well as a website: www.teamrock.com The company itself had titles and brands from Classic Rock, Metal Hammer, Prog, The Golden God Awards and The Classic Rock Awards. In doing so, the company has acquired over 3 million hits per month on their website and an average profit margin of 6 million Euros. Team Rock also owns a large collection of video, radio, images and magazines. However, as of this week things took a turn of events.}

^{Due to financial barricades the firm had gotten into, over 70 employees were laid off. At this point in time they described going out of business as the “only viable option.” The joint administrator Tom MacLennan said in an interview, “The Company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option. The administration presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following. The brands and assets could appeal to a music publishing business looking to expand its portfolio, or an entrepreneur that sees the potential for developing the brands.” As all of this unravels, administrators at FRP Advisory are seeking buyers for the firm’s assets.}