Luxury publication Robb Report Australia has announced a new ownership structure of its global title, headquartered in the US, through the formation of a joint venture partnership between US publisher Penske Media Corporation (PMC) and US private equity firm Rockbridge Growth Equity.
Robb Report boasts a 40-year heritage in the global market, with 17 international editions in nine languages. The Australian edition launched in October 2016.
PMC owns and operates more than 20 media brands and over 80 annual events, summits, and live media
Under the new ownership, PMC and Rockbridge Growth Equity (which acquired Robb Report in 2014), will grow Robb Report’s digital reach and subscription while enhancing its product suite across all channels.
All Robb Report titles – including Australia’s – will also be able to unveil a 360-degree refresh of the brand, including a redesigned print magazine, which will launch with the September issue.
Coinciding with the September relaunch, the Australian edition will move to a bi-monthly publication cycle, further tuning its content, look and feel towards a coffee table-style series that will form a collection among subscribers.
Michael Stahl, editor-in-chief of Robb Report Australia, said: “Since our launch issue in October 2016, Robb Report Australia has quickly established a strong and uniquely positioned presence in the local luxury market, achieving an outstanding response from advertising partners and subscribers alike.
“We have responded to the growing demand for digital experiences in publishing by integrating our magazine, website and app functions with the latest in digital technology.
“Now, the redesign of the Robb Report Australia print publication and our new bi-monthly print cycle only further confirms our mission for ongoing innovation and offering the best of the best to our audience.”
PMC chairman and CEO Jay Penske said: “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.”
Brian Hermelin, managing partner at Rockbridge Growth Equity, said: “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.”
Financial terms and details of the Penske Media and Rockbridge Growth Equity joint venture were not disclosed.