Texas Monthly magazine sold to Hobby family firm

Texas Monthly, the 43-year-old award-winning magazine of all things Texas, has been sold by Indianapolis-based Emmis Communications to the prominent Hobby family of Texas.

A statement issued Thursday says Genesis Park LP, a partnership founded by Paul Hobby, agreed to acquire the iconic publication for $25 million, subject to working capital adjustments.

Emmis, which has owned Texas Monthly since 1998, says the transaction is expected to close early next month.

Paul Hobby is the son of former Lt. Gov. Bill Hobby and grandson of onetime Texas governor and longtime newspaper publisher William P. Hobby. The Hobby family was the longtime owner of the now-defunct Houston Post.