Penske Media Corp. (PMC), FN’s parent company, has added another publishing icon to its roster.
The company today announced a joint venture with Rockbridge Growth Equity for ownership of the 40-year-old Robb Report luxury magazine. Rockbridge acquired Robb Report in December 2014. Financial details of this joint venture were not disclosed.
According to the companies, the Robb Report will continue to serve as the independent authority on global luxury, with a deep focus on digital and live media, and emerging social platforms. In addition, PMC aims to grow and evolve the magazine’s business for a broader global audience, by building on its strengths in technology, analytics and digital platforms.
“I have long admired both Dan Gilbert and the Robb Report as true leaders of their industries and couldn’t be more excited to partner with both for the future,” said PMC chairman and CEO Jay Penske. “Bringing the Robb Report onto the PMC digital platform is a remarkable opportunity to further propel this pioneering media brand.”
Brian Hermelin, managing partner for Rockbridge Growth Equity, added, “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 owns and operates more than 20 media brands, including Variety Inc., Deadline Hollywood, TVLine.com and Hollywood Life. It acquired Fairchild Media from Condé Nast in 2014, picking up not only FN but also WWD and Beauty Inc. And most recently it purchased Indiewire.com, a top website for independent film and television, from SnagFilms Inc.