Cleveland Cavaliers owner Dan Gilbert is said to be in the fourth quarter of talks to buy a stake in the company that publishes the Robb Report.
The price tag, one source whispered, is about $60 million for what is basically a one-title company that is believed to be kicking around $10 million a year in profit. The Robb Report is a luxe lifestyle mag for the ultra-rich.
The company, CurtCo Robb Media, headed by Bill Curtis, had ignored bids by several potential suitors — including Jason Binn of DuJour Media — before choosing Gilbert because he would allow Curtis to remain involved in the operation after the sale.
Gilbert, a billionaire who would make the CurtCo investment though his Rock Ventures LLC, grabbed summer headlines after luring NBA megastar LeBron James back to his Cavaliers.
Long before he bought the Cavs, Gilbert made a fortune by founding, selling and then re-buying Quicken Loans, the largest online mortgage originator in the country.
The 52-year old Detroit native has no experience running any publishing entities. Still, insiders said, if a deal is done, he would keep Curtis and current management on board.
Neither Curtis nor Gilbert could be reached for comment, and Berkery Noyes, which is brokering the sale, declined to comment.