06/23/2003 - Robb Report Parent CurtCo
Media Acquires Assets of Worth Magazine
High Net-Worth Wealth Management
Title to be Redeveloped Bearing Robb Report Brand
MALIBU, CA (June 23, 2003) – CurtCo Media,
publisher of international luxury lifestyle authority
Robb Report magazine publisher CurtCo Media, in
conjunction with financial sponsors Weston Presidio
Capital Management and TD Capital Communications
Partners, today announced the acquisition of the
the assets of Worth magazine. The $2.4 million
transaction, made through the United States Bankruptcy
Court for the Southern District of New York, excludes
all liabilities other than certain identified
subscriptions.
The acquisition of the 11 year-old high net-worth
wealth management monthly “provides us with
a unique opportunity to further leverage and expand
the Robb Report brand in this exclusive demographic
sector,” said CurtCo Media Chief Executive
Officer William J. Curtis. “Robb Report
has a unique relationship with the very affluent
reader, which we intend to further cultivate with
the addition of the Worth franchise.”
Immediate plans call for the newly acquired title
to reemerge in October 2003 as the renamed Robb
Report Worth, publish again in December 2003,
and then reestablish itself as a monthly title
beginning in January 2004. Under the direction
of CurtCo’s management team, the publication
will bring essential information to the “Robb-type”
of reader, as well as the financial community
that services them. Editorial will focus on wealth
management issues facing the world’s savviest
investors, including transference and preservation
of wealth, as well as unique investment strategies
for these ultra high net-worth individuals. The
unique relationship with Robb Report will also
yield content focus on the investment-side of
connoisseurship, from watches to wine, from real
estate to fine jewelry.
“We believe the addition of Worth to the
Robb Report brand will create a formidable combination
for marketers of financial products and services
as well as Robb current luxury brands, to connect
with this extremely hard-to-reach demographic,”
Mr. Curtis further explained. “Our goal
is to aggressively identify 200,000 of the world’s
highest net-worth individuals, and provide them
with the most sophisticated wealth management
advice and counsel available, at an annual subscription
rate of $54.95.”
“CurtCo is the perfect home for Worth,
given its unique understanding of the ultra-affluent
reader through the Robb Report brand,” said
Worth Founder W. Randall Jones. “Considering
Bill Curtis’ track record, I can’t
think of a better steward for the future of this
great magazine.”
Messrs Jones and Curtis are currently in discussions
regarding ways in which CurtCo can utilize Mr.
Jones’ invaluable expertise. “We look
forward to finding a myriad of ways to work with
this remarkable individual,” Mr. Curtis
said.
CurtCo Media management, including Senior Vice
President, Editorial Brett Anderson, will oversee
the redevelopment of the title. CurtCo is also
actively seeking to add editorial, advertising
and production staff as the magazine builds toward
reestablishing itself as a monthly. Robb Report
Worth will initially operate from Worth’s
575 Lexington Avenue address in New York, as well
as CurtCo’s offices in Malibu and Acton,
Massachusetts.
The transaction marks the first acquisition following
the addition in May of Weston Presidio to the
CurtCo-TD Capital relationship. This powerful
combination was formed last month to facilitate
acquisitions and launches of consumer and business-to-business
publications, as well as related products, serving
the luxury market.
It also represents the latest move in CurtCo’s
ongoing objective of acquiring and developing
vertical titles within the luxury lifestyle and
industry categories addressed by Robb Report,
a goal that began with CurtCo’s acquisition
of the Robb Report two years ago. This acquisition
is the latest chapter in the expansion of the
Robb Report franchise that includes the development
of The Robb Report Collection in November, 2001
and the launch of Robb Report Home Entertainment
& Design in October, 2002.
“While a number of financial publishers
have closed their doors in the last year, and
others are downsizing, CurtCo is on an expansion
track,” said Mr. Curtis. “We feel
that our strategic approach of bringing pertinent
information to the high net-worth individuals
and the businesses that serve them, presents a
substantial opportunity. Therefore we are substantially
investing in this sector, and will continue to
find ways of fulfilling the needs of our high-caliber
readers. ”
About CurtCo Media Group
CurtCo Media Group is operated by CurtCo Media
Labs, which for more than two decades has built
publishing companies. CurtCo has launched or acquired
26 magazines during this period. In alliance with
TD Capital Communications Partners, CurtCo acquired
luxury lifestyle authority Robb Report in June
of 2001, and formed CurtCo Robb Media. The company
maintains offices in Malibu, New York City and
Boston.
Weston Presidio Capital Management
Weston Presidio is a private equity firm managing
more than $2 billion in capital. The firm's partners
have led private investments in dozens of successful
companies in the consumer category including JetBlue,
Costco, Wild Oats Markets, Fender Guitar, Tweeter,
and the Boston Herald. The firm was founded in
1991 and the founding partners have been active
in the private equity industry since 1979.
TD Capital Communications Partners
TD Capital Communications Partners targets compelling
investment opportunities in the media, communications
and business services sectors in the United States,
with targeted commitment sizes from $10 to $30
million, investing at all stages. TD Capital Communications
Partners is an investment group of TD Capital.
Established more than 35 years ago, TD Capital
is the private equity arm of TD Bank Financial
Group. TD Capital has approximately $1.9 billion
of capital under management through its offices
located in Canada and the United States. For more
information on TD Capital and its investment groups,
go to www.tdcapital.com.
MEDIA CONTACT:
Jeff Perlman
Brandware Public Relations
office - 818.706.1915
cell - 818.317.3070
jperlman@brandwaregroup.com
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