Staff on both magazines have transferred to the respective buyers with immediate effect.
The Railway Magazine offers a voice for the railway community and covers all aspects from steam through to modern rail developments.
Mortons, which produces a range of titles in the classic and modern motorcycle sectors, acquired the magazine with immediate effect with no interruption to its publishing schedule.
Hi-Fi News, which has been published since 1956, has also been sold with immediate effect. The magazine covers technologies, products and formats from hi-fi to home entertainment, and will also not miss an edition through the acquisition.
MyHobbyStore publishes specialist hobby magazines, including popular RCM&E, Model Engineer and Model Boats. IPC Media sold Model Collector and Stamp Magazine to MyHobbyStore earlier this month.
Earlier this month IPC sold men's magazine Loaded to Vitality Publishing, along with the specialist magazines Superbike and Prediction.
The sale follows IPC's strategic review of its specialist and niche titles in April, as the publisher looks to invest more in its core multi-platform brands.