Penske Media Corporation and Rockbridge Growth Equity have today announced the formation of a joint venture partnership in Robb Report, the global authority on luxury.
Now celebrating its 40th year, Robb Report continues to be the ultimate source of inspiration and information about luxury products and services, in both digital and print.
“Over the past four decades, Robb Report has cemented its position as the world’s leading brand for luxury lifestyle,” said PMC Chairman and CEO Jay Penske in a statement. “To bring the Robb Report onto the PMC digital platform is a remarkable opportunity to further propel this pioneering media brand.”
Under PMC and RGE’s ownership, Robb Report will remain the independent authority on global luxury, with a deep focus on digital and live media, and emerging social platforms. Financial terms of the deal were not disclosed.
This transaction follows PMC’s purchase last year of Fairchild Media (WWD, FN, M, Beauty Inc.) from Condé Nast, and IndieWire.com in January of 2016.
PMC is committed to being at the forefront of media convergence, and is well positioned to grow and evolve the Robb Report business for a broader global audience, specifically by building on its strengths in technology, analytics, and digital platforms.
Added RGE Managing Partner Brian Hermelin: “The joint venture and PMC’s investment allows us to focus our combined energies on expanding Robb Report’s digital capabilities as well as continuing to improve its print distribution channels and event activation to deliver optimal consumer and advertiser experiences.”
PMC owns and operates more than 20 media brands and over 80 annual events, summits, and live media — making it one of the largest digital media companies in the world. Under PMC and RGE’s ownership, Robb Report will remain the independent authority on global luxury, with a deep focus on digital and live media, and emerging social platforms.
Founded in 1976, Robb Report has offices in Malibu, New York, Florida, and Detroit. RGE initially acquired Robb Report in December 2014. Robb Report’s New York operations will move into the PMC New York City headquarters, while its Malibu operations will transition to the PMC Tower in Los Angeles.
The joint venture and PMC investment is scheduled to close by the end of the first week in January 2017. Honigman Miller Schwartz (RGE) and Jeffer Mangels Butler & Mitchell (PMC) provided legal counsel.