Emmis Communications Corp., parent of Los Angeles Magazine, is about to close a sale of one of its other crown jewels: Texas Monthly.
The company, which owns a number of regional print publications and radio stations, did not disclose details of the transaction. The announcement comes a month after Emmis Chief Executive Officer Jeff Smulyan presented an offer to the Emmis board of directors on Aug. 18 to take the firm private.
On Friday, his offer for $4.10 a share, or about $46.5 million, was extended until Sept. 30, “at which point it will expire without any further action,” according to the SEC filing by Smulyan’s E Acquisition Corporation.
Texas Monthly has chronicled contemporary life in Texas since 1973, reporting on issues such as politics, the environment, industry, and education, and amassing a number of magazine awards. It has a paid circulation of 300,000, according to the company.
Los Angeles Magazine boasts Emmis’ second-highest circulation with 138,000 readers.
“Los Angeles and the other magazines are in early stages,” said Smulyan. “There’s nothing to announce yet. But so far we’ve been very pleased with the amount of interest we’ve received.”
Emmis stock fell about two percent to close at $4.03 on Friday.
