Penske Media Corporation is partnering with Rockbridge Growth Equity on the Robb Report, the companies revealed today. With this deal, PMC will add a stake in the authority on luxury lifestyle for the ultra-affluent consumer to a stable of titles that includes WWD, Variety, Hollywood Life and Deadline.
“Over the past four decades Robb Report has cemented its position as the world’s leading brand for luxury lifestyle,” PMC chairman and chief executive officer Jay Penske said. “To bring the Robb Report onto the PMC digital platform is a remarkable opportunity to further propel this pioneering media brand.”
Robb Report, which was founded in 1976, provides advice and recommendations in superluxe categories such as aviation, boating, automobiles and watches. The brand has steadily expanded its global footprint in the last couple of years. It was acquired in 2014 by the Detroit-based Rockbridge Growth.
The deal between PMC and Rockbridge is scheduled to close in early January and will provide an opportunity for both companies to expand on the current strengths of the Robb Report’s consumer reach while growing its reach and building up its digital platform.
“The partnership with PMC is a strong strategic fit and joining forces will accelerate and drive Robb Report’s future growth,” said Brian Hermelin, managing partner for Rockbridge Growth Equity. “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.”
Robb Report will continue to exist as an independent brand, but its New York and Los Angeles locations will join the PMC offices on either coast. Financial details of the partnership were not disclosed.
PMC is a leading digital media and information services company. Its owned and operated brands reach more than 179 million visitors monthly, according to comScore, and Penske Media was recently named one of the Top 100 Private Companies in the United States and North America. PMC is one of the largest digital media companies in the world, publishing more than 20 digital media brands, including its India.com joint venture with ZEE TV in India. PMC additionally owns and produces more than 80 annual events, summits, award shows and conferences while housing a dynamic research and emerging data business.