Billionaire oil and gas heiress Randa Duncan Williams just bought the “Texas Monthly”, the magazine some like to call the “National Magazine of Texas.”
The purchase price was not revealed but Williams bought the Austin-based monthly magazine from Genesis Park, a privae equity firm founded by Paul Hobby. With the acquisition, Williams becomes chairwoman of a newly formed company called Texas Monthly LLC.
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.”