INDIANAPOLIS, Oct. 13, 2016 /PRNewswire/ -- Emmis
Communications Corporation (Nasdaq: EMMS) today announced the
signing of an agreement to sell the assets of Texas Monthly
to an affiliate of Genesis Park, LP, a partnership founded by
Paul Hobby, for $25 million, subject to working capital
adjustments.
The nationally recognized authority on life in the state of
Texas, Texas Monthly has
won 13 National Magazine Awards and has chronicled life in
contemporary Texas since 1973.
Genesis Park is a regional
private equity firm that has built successful communications and
technology businesses in Texas for
many years. Examples include CapRock Services, Alpheus
Communications and Vivante GMP.
Paul Hobby, a Founding Partner of
Genesis Park said: "We are honored to be the third steward of this
beloved Texas brand. Our plan is to bring new ideas, strategic
relationships and thoughtful investment that help to take this
great story forward. We are also pleased to affiliate with
Jack Martin in this endeavor given
his long record of anticipating important trends in media and
public communication."
"Texas Monthly has been a member of the Emmis family for
18 years, so today is bittersweet," said Jeff Smulyan, Chairman & CEO of Emmis. "We
want to thank all of our employees for their dedication and hard
work.
"This transaction allows us not only to de-lever our balance
sheet, but puts TM in the capable hands of one of
Texas' great families, the
Hobbys," Smulyan concluded.
On August 18, the Company
announced that it was exploring strategic alternatives for its
publishing division, excluding Indianapolis Monthly
magazine. The Company also announced it was exploring
strategic alternatives for its Terre
Haute radio stations and WLIB-AM in New York.
Emmis has owned Texas Monthly since 1998. The
transaction is expected to close in early November.
Emmis Communications – Great Media, Great People, Great
Service®
Emmis Communications Corporation is a diversified media company,
principally focused on radio broadcasting. Emmis owns 19 FM and
4 AM radio stations in New York, Los
Angeles, St. Louis,
Austin (Emmis has a 50.1%
controlling interest in Emmis' radio stations located there),
Indianapolis and Terre Haute, IN. Emmis also developed and
licenses TagStation®, a cloud-based software platform that allows a
broadcaster to manage album art, metadata and enhanced advertising
on its various broadcasts, and developed NextRadio®, a smartphone
application that marries over-the-air FM radio broadcasts with
visual and interactive features on smartphones.
Genesis Park
Genesis Park is a Houston-based private equity firm comprised of
professionals with operating expertise that is actively applied
within its lower middle market portfolio companies. Genesis Park provides experience, time and
guidance to help clients¹ diversify into new markets, build
stronger operating platforms, develop high performing teams and
capitalize on opportunities. Genesis
Park focuses on companies in the Southern U.S. within the
business services, processing/manufacturing, information/technology
and communications sectors in order to leverage a deep network and
industry relationships. Genesis Park
often works with corporate parents who need to divest orphaned
divisions, founders that require more capital to achieve their
vision, entrepreneurs and family owned businesses who need
expertise to break through to the next level and clients with other
special situations. For more information, visit
genesis-park.com
Note: Certain statements included in this press release which
are not statements of historical fact, including but not limited to
those identified with the words "expect," "will" or "look" are
intended to be, and are, by this Note, identified as
"forward-looking statements," as defined in the Securities and
Exchange Act of 1934, as amended. Such statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from any future result, performance or
achievement expressed or implied by such forward-looking
statement.
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SOURCE Emmis Communications Corporation