Though digital and social media platforms have only promulgated over the past decade-plus, more traditional print publications continue to dissipate as media outlets struggle to traverse the terrain.
One of the latest examples is Emmis Communications, an Indianapolis-based media firm, who recently sold off four of their five city magazines including: Atlanta Magazine, Cincinnati Magazine, Los Angeles Magazine and Orange Coast Magazine. The magazines were sold to Hour Media Group LLC.
The deal was closed on Tuesday for $6.5 million, and now means that Emmis is only left with Indianapolis Monthly, which they intend to keep around. The deal follows an October decision to sell Texas Monthly for $25 million to private-equity firm Genesis Park LP. Both moves suggest that Emmis is refocusing on its 19 radio stations in New York, Los Angeles, St. Louis, Indianapolis and Austin while de-emphasizing print and digital media.
Emmis brought Atlanta Magazine into the fold in 1993, Cincinnati Magazine in 1997, Los Angeles Magazine in 2000 and Orange Coast Magazine in 2007.
“We have been honored to own and operate these marquee titles, with some of the most dedicated, creative employees in the business,” Emmis Chairman and CEO Jeff Smulyan said in a statement. “We wish all of them well, and hope they enjoy tremendous success in the future.”