"Dow Jones has been under pressure to refocus its energies and resources on its core businesses," said Marsha Cook, exec VP-operations for Mediatex. "And as a single-title publisher, we don't have the resources or capital to grow without a partner."
"We invested in Texas Monthly 10 years ago for two reasons," said Richard Tofel, director of corporate communications for Dow Jones. "One, it was a good investment. Two, we wanted to learn more about the magazine business, which we were considering getting more deeply involved in. Those needs have been satisfied, so it makes sense to sell our minority interest."
Dow Jones' only other magazine is SmartMoney, a joint venture it started with Hearst Corp. five years ago.
Texas Monthly, about to mark its 25th anniversary, has paid circulation of 300,000, says the Audit Bureau of Circulations. Ad pages were up 8.6% to 903 for