Deadline parent company 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. As part of the deal, 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 at 11175 Santa Monica Boulevard in Los Angeles.
“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.
Honigman Miller Schwartz provided legal counsel for Rockbridge and Jeffer Mangels Butler & Mitchell on behalf of PMC.