As part of a joint endeavor, Penske Media Corporation and Rockbridge Growth Equity have formed a joint venture in the Robb Report, the global authority on luxury goods and services.
For 40 years, Robb Report has featured content for affluent readers covering the most prestigious brands around the globe and over a range of diverse areas, including sports and luxury automobiles, yachts, real estate, travel, private aircraft, fashion, fine jewelry and watches, art, wine and state-of-the-art home electronics. Robb Report currently produces 17 international editions in nine languages.
“Over the past four decades Robb Report has cemented its position as the world’s leading brand for luxury lifestyle. To bring the Robb Report onto the PMC digital platform is a remarkable opportunity to further propel this pioneering media brand,” said Jay Penske, PMC Chairman and CEO.
Brian Hermelin, Managing Partner for Rockbridge Growth Equity, added: “The partnership with PMC is a strong strategic fit and joining forces will accelerate and drive Robb Report’s future growth. 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.”
The new venture will transfer Robb Report’s Malibu office to the PMC Tower in West Los Angeles, and its New York operations to the PMC headquarters in Midtown. The partnership will be finalized by the end of the first week of January, 2017.
PMC is the owner of Variety and other media brands including Deadline, IndieWire and Women’s Wear Daily.