Emmis Sells Texas Monthly For $25 Million
October 13, 2016 at 1:24 PM (PT)
EMMIS COMMUNICATIONS CORPORATION continues its sell-off of the assets it designated for spinoff in preparation for Chairman/CEO JEFF SMULYAN's bid to take the company private, selling TEXAS MONTHLY magazine to an affiliate of PAUL HOBBY's GENESIS PARK, LP for $25 million.
The magazine, winner of 13 National Magazine Awards, is one of the most honored regional magazines in the industry. Its sale, coupled with the previously announced sale of its TERRE HAUTE, IN radio cluster, leaves EMMIS with the rest of its magazine division (including LOS ANGELES, ATLANTA, CINCINNATI, and ORANGE COAST magazines, but excluding INDIANAPOLIS MONTHLY) and Gospel WLIB-A/NEW YORK among the assets it said it would sell as part of SMULYAN's bid to take the company private. The deal is expected to close in early NOVEMBER.
HOBBY said, "We 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. We are also pleased to affiliate with JACK MARTIN in this endeavor given his long record of anticipating important trends in media and public communication."
"TEXAS MONTHLY has been a member of the EMMIS family for 18 years, so today is bittersweet," said SMULYAN. "We want to thank all of our employees for their dedication and hard work. This transaction allows us not only to de-lever our balance sheet, but puts TM in the capable hands of one of TEXAS' great families, the HOBBYs."