Penske Media and Rockbridge Growth Equity enter into Joint Venture in Robb Report
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, 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’sdigital 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.