CurtCo Media Acquires Worth Magazine Assets

Posted on July 4, 2003

CurtCo Media, publisher of Robb Report, a luxury lifestyle magazine, in conjunction with financial sponsors Weston Presidio Capital Management and TD Capital Communications Partners, has acquired the assets of Worth magazine for $2.4 million. CurtCo plans to relaunch the title in October 2003 as the renamed Robb Report Worth, publish again in December 2003, and then publishing monthly beginning in January 2004.

The acquisition of the 11 year-old 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."

Under the direction of CurtCo's management team, editorial will focus on wealth management issues facing the savvy investors, including transference and preservation of wealth, as well as unique investment strategies for ultra high net-worth individuals. The 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.

"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."

Jones and Curtis are currently in discussions regarding ways in which CurtCo can utilize Mr. Jones' expertise. CurtCo Media management, including Senior Vice President, Editorial, Brett Anderson, will oversee the redevelopment of the title. CurtCo said it 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 Worth purchase is the latest move in CurtCo's ongoing objective of acquiring and developing vertical titles within the luxury lifestyle and industry categories -- 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."

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 magazine Robb Report in June of 2001, and formed CurtCo Robb Media. The company maintains offices in Malibu, New York City and Boston.