It did not take long for Emmis Communications to find a buyer for Texas Monthly. Per an announcement on Thursday, a $25 million deal has been struck by the Indianapolis publisher with Genesis Park, LP, a Houston equity firm headed by Paul Hobby.
The magazine, based in Austin, is reconnecting with some impressive Texas lineage. Per the Houston Chronicle:
Hobby, the firm’s founder, is the grandson of former Gov. William P. Hobby, who also was publisher of the now-defunct Houston Post. His father is former Texas Lt. Gov. Bill Hobby, who was president of his family’s newspaper until it was sold in 1983. His mother, Diana, was book editor at the newspaper in the ’50s and ’60s.
“I grew up with media and I love stories and the power of the written word,” said Hobby, a former chairman of the Greater Houston Partnership.
Houston’s secondary airport is named after Hobby’s grandfather. For the Chronicle article, business reporter Ileana Najaro spoke to former Texas Monthly editor Evan Smith as well as Wanda Garner Cash, a one-time associate director of the School of Journalism at the University of Texas. Cash sees great things ahead:
“The Hobbys have a legacy of journalism and public service that will intersect beautifully with the purchase,” she said.
Pictured: October 2016 issue cover