'Texas Monthly' Sold To Hobby Family

Texas Monthly is returning to Texas ownership, after 18-years in the hands of Indianapolis-based Emmis Communications Corporation.

Texas Monthly is being sold to the Hobby family for $25 million.

The acquisition to private-equity firm Genesis Park LP also marks the Hobby family’s return to Texas publishing. The Hobbys are a well-known political and business family in Texas, who once owned The Houston Post newspaper — now part of the Houston Chronicle — as well as TV and radio stations in Houston.

Founding partner of Genesis Park Paul Hobby, whose grandfather William P. Hobby was once the state’s governor and whose father was once the lieutenant governor,  said in a statement that they are “honored to be the third steward of this beloved Texas brand.”



“Our plan is to bring new ideas, strategic relationships and thoughtful investment that help to take this great story forward," Hobby added.

The deal is expected to close early November.

Texas Monthly was founded in 1973 by Michael R. Levy and covers state politics, the environment, business and education.

Levy told The Houston Chronicle that he is happy the publication is returning to its Texas roots.

"His family is iconic, and the magazine is iconic," Levy said.

Jeff Smulyan, chairman and CEO of Emmis, stated that this moment is “bittersweet,” the transaction allows the company to “de-lever our balance sheet.”

Emmis, which also owns magazines in Los Angeles, Cincinnati, Atlanta and Indianapolis, announced in August that it would put Texas Monthly and several other of its magazines up for sale.

According to the magazine’s Web site, Texas Monthlyhas a paid circulation of 300,000 and is read by more than 2.7 million monthly.
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