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Hobby family to buy Texas Monthly from Emmis Communications

Emmis Communications is selling Texas Monthly to the Hobby family, which once owned the Houston Post.

Texas Monthly and several other non-core regional magazines were put on the block in August as part of a move to pare down debt for the radio station owner.

Paul William Hobby is the head of the investment firm Genesis Park and is believed to be heading up the deal. Hobby did not return calls seeking comment.

His father William Hobby, had been the publisher of the now defunct Houston Post and was also a six term Lt. Governor in Texas, back in the days when the state largely swung Democratic. The Hobby family sold the paper in 1983 and it was eventually absorbed into the Houston Chronicle in 1995.

Emmis CEO Jeff Smulyan confirmed last week to Media Ink that the company was in “serious talks with a single buyer.” He would not identify the buyer with any specificity.

A deal could be announced as early as Thursday.

One interesting wrinkle is the rumor that Evan Smith, who left as editor in chief seven years ago, could be returning to the publication.

Reached after several days to trying on Thursday, Smith declined to comment.