Emmis Communications has unloaded a group of magazines for a “fire-sale price” as the company moves away from pulishing to concentrate on its 20 radio stations, The New York Post reports.
The company sold Los Angeles Magazine, along with Atlanta Magazine, Cincinnati Magazine and Orange Coast, to Hour Media for $6.5 million, according to the report.
“Back in 2000, Emmis had beaten out Primedia, the then-owner of New York Magazine, to acquire Los Angeles Magazine for $30 million,” The Post notes.
Said Emmis CEO Jeff Smulyan: “The market has not been good.”
Emmis is keeping Indianapolis Monthly, based in the company’s home town.