Hobbys to buy Texas Monthly
$25M deal marks return of political family to publishing
By MELISSA REPKO
Texas Monthly is being bought for $25 million by Genesis Park, a Houston private equity firm founded by Paul Hobby, the magazine’s current owner announced Thursday.
The sale puts the monthly magazine in the hands of the Hobbys, a prominent Texas family. Indianapolis-based Emmis Communications, which has owned Texas Monthly for 18 years, said the transaction is expected to close early next month.
Hobby’s family has long roots in Texas politics. Paul Hobby is the grandson of Texas Gov. William P. Hobby. Paul Hobby’s father, Bill Hobby, served for 18 years as lieutenant governor and for several years
as chancellor of the University of Houston System. Paul Hobby is former chairman of the Texas Ethics Commission.
For the Hobby family, the purchase of Texas Monthly is a return to the news business. They owned The Houston Post for many years until the 1980s. The Post closed in 1995 and the Houston Chronicle bought its assets.
Texas Monthly has covered Texas politics, the environment, business and education since 1973. The monthly magazine, dubbed The National Magazine of Texas,” has won 13 national magazine awards. It was founded by Michael R. Levy. The magazine has a paid circulation of 300,000 and is read by more than 2,500,000 people each month, according its website.
Texas Monthly editor in chief Brian Sweany shared the news on Twitter and noted that the new owner’s name is one that readers and travelers may recognize from the Houston airport. It was named after Paul Hobby’s grandfather in 1967.
Genesis Park’s portfolio is made up of mostly technology and communications businesses, including CapRock Services, Alphaeus Communications and Vivante GMP.