GMG has taken a 14 per cent stake
The Guardian Media Group has taken a stake in Development Hell, publisher of Word magazine, writes Ruth Addicott.
The move will see GMG become one of the largest shareholders with a 14 per cent stake. Development Hell was founded in January 2002 by former Emap executives David Hepworth and Jerry Perkins.
Word is edited by Mark Ellen, founding editor of Smash Hits! and Q. It covers music and film and aimed for sales of between 35,000 and 40,000 in its first year.
Perkins said GMG would provide Development Hell with the “perfect route” to market for Word and any future launches aimed at an upmarket educated audience.