Indianapolis-based Emmis Communications has sold Cincinnati Magazine -- and city magazines in Atlanta and the Los Angeles area -- to Detroit-based Hour Media Group.
Emmis, which owns 16 FM and 3 AM radio stations in New York, Los Angeles, St. Louis, Austin and Indianapolis, announced in August that it was selling all publishing division properties except for Indianapolis Magazine to pay down debt, says the Tom Taylor NOWdaily media newsletter.
Three months later, Emmis sold Texas Monthly to Paul Hobby of Houston.
Cincinnati, Atlanta, Los Angeles and Southern California's Orange Coast will join Hour Magazine's Minnesota Monthly, Sacramento magazine, Palm Beach Illustrated, Naples Illustrated, Mar-a-Lago Club's The Jewel of Palm Beach, Hour Detroit, Detroit Home, Detroit Home Improvement, Metro Detroit Bride and 50 other magazines.
"We have been honored to own and operate these marquee titles, with some of the most dedicated, creative employees in the business," Emmis Chairman & CEO Jeff Smulyan said in the company's announcement.
"It is always difficult to make a decision to sell, but this step helps us to continue to address our debt leverage and to focus on our growth initiatives," Smulyan said.
