In another move to shed assets and pay down debt, Emmis has signed an agreement to sell Texas Monthly to an affiliate of private equity firm Genesis Park, a partnership founded by Paul Hobby, for $25 million. Emmis has owned Texas Monthly since 1998.
Emmis CEO Jeff Smulyan said, “Texas Monthly has been a member of the Emmis family for 18 years, so today is bittersweet. 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.”
Paul Hobby, a founding partner of Genesis Park, 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.”
The transaction is expected to close in early November.