Tuesday, December 9, 2014

Cleveland Cavaliers Owner Purchases The Robb Report

Cleveland Cavaliers owner Dan Gilbert has purchased the Robb Report, ending months of negotiations over the 38-year-old magazine for the ultra rich. The billionaire, who made the deal through his Rockbridge Growth Equity, is said to have paid around $60 million for a majority stake in one-magazine company CurtCo Robb Report. 

The negotiations, which The Post first reported in May, dragged on in part because CurtCo CEO Bill Curtis wanted to run magazine for new owners. The deal will keep Curtis involved as a minority partner and his management team in place. Investment partners, including GE Capital, TD Bank and Western Presidio, have been bought out. “We have been nicely capitalized and our debt has been reduced to a small faction of what it was,” Curtis said in an e-mail to the Malibu, California.