Emmis Broadcasting to buy Texas Monthly

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Michael R. Levy, founder and publisher of Texas Monthly, has signed a letter of intent for Emmis Broadcasting Corp., owners of 13 radio stations and three city/regional magazines, to acquire the 25-year-old monthly title for $37 million, plus the assumption of subscription liability. Closing of the transaction is expected to be completed within 30 days. Emmis, which publishes Atlanta, Indianapolis Monthly and Cincinnati, has contractually committed to keeping Texas Monthly's management team in place, including Mr. Levy and Editor Gregory Curtis. The title is being sold by Mr. Levy, majority owner, with Mr. Curtis and Dow Jones & Co., which held minority positions.

Copyright January 1998, Crain Communications Inc.

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