Texas Monthly Bought by Billionaire Oil and Gas Heiress

Texas Monthly — the "National Magazine of Texas" — has been bought by billionaire oil and gas heiress Randa Duncan Williams. Williams is purchasing the Austin-based monthly magazine from Genesis Park, a private equity firm founded by Paul Hobby. She is chair of the newly formed company, Texas Monthly LLC. With the sale, Texas Monthly will change hands from one prominent Texas family to another.The private companies would not disclose the purchasing price or terms of the deal. The transaction is effective June 30.Williams said in a statement that she's read Texas Monthly since she was a teenager. As the new owner, she plans to step up investment in its journalism, marketing of subscriptions and expansion into other kinds of storytelling, such as podcasts and live events. "My family is delighted to provide the resources to support this iconic Texas institution, which is nationally recognized for its editorial flair," Williams said in a statement. "The journalistic integrity and quality for which Texas Monthly is known will remain unchanged as we build upon what Genesis Park has done over the past two years."  Continue reading...