NEW YORK, NY and DETROIT, MI
– December 29, 2016 – Penske Media Corporation (PMC) and Rockbridge Growth Equity today announced the formation of a joint venture partnership in Robb Report, the global authority on luxury.
Celebrating its 40th year, the Robb Report continues to be the ultimate source of inspiration and information about luxury products and services. With a focus on quality, craftsmanship and experience, Robb Report curates the best-of-the-best in all categories of luxury in 17 international editions and 9 languages.
“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. “To bring the Robb Report onto the PMC digital platform is a remarkable opportunity to further propel this pioneering media brand.”
“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.”
Penske Media today 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. Penske Media 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. PMC and Rockbridge Growth Equity are committed to grow Robb Report’s digital reach and subscription while enhancing its product suite across all channels.
Founded in 1976, Robb Report has offices in Malibu, New York, Florida and Detroit. Rockbridge Growth Equity initially acquired Robb Report in December 2014.
Transaction Highlights:
- Under Penske Media and Rockbridge Growth Equity’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 and details of the Penske Media and Rockbridge Growth Equity joint venture were not disclosed.
- Robb Report’s New York operations will move into the PMC headquarters at 475 Fifth Avenue, and its Malibu operations will transition to the PMC Tower located at 11175 Santa Monica Boulevard.
- This transaction follows Penske Media’s purchase last year of Fairchild Media (WWD, FN, M, Beauty Inc.) from Condé Nast, and IndieWire.com in January of 2016.
- Honigman Miller Schwartz (Rockbridge Growth Equity) and Jeffer Mangels Butler & Mitchell (Penske Media) provided legal counsel.
- The joint venture and PMC investment is scheduled to close by the end of the first week in January 2017.
# # #About Robb Report
Now in its 40th year, Robb Report has served as the definitive international authority on the luxury lifestyle. In its digital and print forms, the brand not only showcases the products and services available from the most prestigious luxury brands around the globe, but it also provides its sophisticated readership with detailed insight into a range of these subjects, which include sports and luxury automobiles, yachts, real estate, travel, private aircraft, fashion, fine jewelry and watches, art, wine, state-of-the-art home electronics and much more. For connoisseurs seeking the very best that life has to offer, Robb Report remains the essential luxury resource. For more information, visit the Robb Report website at www.robbreport.com.
About Rockbridge Growth Equity
Founded in 2007, Rockbridge Growth Equity, LLC is a Detroit, Michigan-based private equity firm that invests in financial and business services, consumer-direct marketing, and sports, media & entertainment industries. Rockbridge owns equity stakes in Northcentral University, Protect America, Connect America, Rapid Advance, Gas Station TV, ABUV Media and Robb Report, and is affiliated with other leading businesses in its target sectors including Quicken Loans, the 2016 NBA champion Cleveland Cavaliers, Title Source and Fathead. Since its inception, Rockbridge Growth Equity has invested more than $500 million of equity in its portfolio of companies. For more information on Rockbridge Growth Equity, visit www.rbequity.com.
About PMC
Penske Media Corporation (PMC) is a leading digital media and information services company. PMC’s owned and operated brands reach more than 179 million visitors monthly (comScore, 2016) and Penske Media was recently named one of the Top 100 Private Companies in the United States and North America. With the preeminence of its brands, 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. As of 2016, PMC businesses include: PMC Studios, Variety Inc., WWD, Deadline.com, Fairchild Media, BGR.com, India.com, GoldDerby.com, FN, TVLine, CricketCountry.com, Hollywood Life, Beauty Inc, AwardsLine, Bollywood Life, LA411, NY411, Variety Insight, and Indiewire.com. The company is headquartered in New York, NY and Los Angeles, California with an additional 11 offices around the world. For more information about Penske Media, please visit www.PMC.com.
