The deal sees Anthem acquire the magazine, currently priced at £4.15 and published within the IPC Inspire portfolio, with immediate effect.
No interruption to the publishing schedule of the title is planned. The entire editorial team will move to Anthem but not all of the magazine's staff are expected to join them.
The news comes two days after IPC announced it hadand just as World Soccer, Racecar Engineering and Classic Boat magazines .
Anthem Publishing was founded in 2002 by Jon Bickley, the company's managing director, who previously worked in distribution for Condé Nast and NatMag, and later as a publisher at Future.
The Anthem Publishing portfolio includes Music Tech Magazine and Guitar Tech.
Paul Williams, managing director of IPC Inspire, said: "Anthem is a publisher with some rightly renowned specialist music titles in its portfolio.
"It's the ideal home for Guitar & Bass. My personal thanks go to the team on the magazine for continuing their superb work during the strategic review process and I wish them all the very best for the future."
Bickley said: "We're delighted and proud to add Guitar & Bass to our music portfolio of magazines.
"It's a wonderful title with a great heritage. We're also pleased to be able to retain the whole editorial team and display sales executive in our newly opened Croydon offices."
The latest ABC figure for Guitar & Bass is 12,175 for the year to December 2009.
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