Luxury publication Robb Report moves towards digital and live media in new partnership
Robb Report, a magazine that has focused on luxury brands for nearly 40 years, has formed a joint venture partnership with Penske Media Corporation (PMC) and Rockbridge Growth Equity that will expand the magazine's reach on digital, live media and emerging social platforms.
"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."
Penske Media owns more than 20 media brands including Fairchild Media, which it purchased for $100m from Conde Nast in 2014, as well as IndieWire.com, which it purchased last year.
Robb Report began in 1976 as a magazine covering collectible cars. It expanded into other types of collecting, including watches, fine art, wine and yachts. Editor-in-chief Brett Anderson hinted at a move towards digital and an increasing global, online presence in an earlier interview this past year.
He stressed that "in luxury, everything is visually-oriented, but readers like being able to engage with that print product. It’s probably not the growth area of our business, but it is kind of the foundation. It’s the anchor of the brand and everything else that we do in the digital space helps to support that," he said.
Robb Report has 17 international editions in 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.”