Emmis Communications believes it has found a buyer for Texas Monthly, and is moving forward with the sale of four other regional titles, The New York Post reports.
The report quotes Jeff Smulyan, CEO of the radio station operator, saying of the Texas Monthly sale: “We’re in serious talks with one buyer.” The magazines were put up for sale in August.
“Smulyan also said efforts to sell the company’s other four magazines — Los Angeles Magazine, Orange Coast Magazine, Cincinnati Magazine and Atlanta Magazine — were in the early stages,” The Post reports.
The report notes that Emmis is also selling its only AM station, WLIB in New York City, but notes that those talks are not far along.
The Post adds: “On Thursday, Emmis reported second-quarter radio revenues declined 3.3 percent, to $46 million. The CEO said Emmis took a hit when a severe storm in New York wiped out its Summer Jam festival.”