* Penske Media adding Robb Report to its portfolio of media brands
* Robb Report is one of the world’s leading brands for luxury lifestyle
* Deal expected to close in January
Penske Media Corp (parent company of Spy.com) is welcoming another big media brand to its portfolio. The news was announced this morning and ushers in a new chapter of growth for PMC as well as for Robb Report, the American luxury lifestyle magazine which celebrated its 40th anniversary this year.
Penske Media Corp and Robb Report owner Rockbridge Growth Equity have closed a deal to create a joint venture partnership in the luxury products and services brand. The aim is to grow the digital, live media and social platforms as well as the subscription business for Robb Report, which will join PMC’s portfolio more than 20 media brands and over 80 annual events, summits, and live media which it owns and operates.
No terms were disclosed for the joint venture and PMC’s investment, which is scheduled to close by the end of the first week in January.
“Over the past four decades Robb Report has cemented its position as the world’s leading brand for luxury lifestyle,” PMC chairman and CEO 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, founded in 1976, has 17 international editions and nine languages. Rockbridge acquired the brand in December 2014.
“The partnership with PMC is a strong strategic fit and joining forces will accelerate and drive Robb Report’s future growth,” Rockbridge managing partner Brian Hermelin said. “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’s portfolio of media brands includes Deadline, Variety and Hollywood Life. The Robb Report deal follows PMC’s purchase of Fairchild Media (which includes WWD, FN, M and Beauty Inc.) from Condé Nast in 2014, and IndieWire.com in January 2016.
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