Media on media
Houston billionaire energy exec buys Texas Monthly
For the second time in less than three years, Texas Monthly has a new owner. Randa Duncan Williams, chairman of Houston-based midstream oil and gas company, Enterprise Products Partners LP, has purchased the Austin-based magazine. The terms of the sale were not disclosed.
The magazine will become a part of Enterprise Products Company (EPCO), "a privately held company which owns interests in commercial real estate and ranching, as well as a substantial interest in Enterprise Products Partners L.P., a publicly traded midstream energy company," says a release.
"I have been an avid Texas Monthly reader since I was a teenager," says Duncan Williams, chairman of Texas Monthly, LLC, and of EPCO, in the release. "My family is delighted to provide the resources to support this iconic Texas institution which is nationally recognized for its editorial flair."
Williams is the daughter of EPP's late founder, Dan L. Duncan. She has a net worth of $6.2 billion, according to Forbes.
In TM's official statement, president Scott Brown is quoted as saying Duncan Williams wants to own the magazine "forever."
Forever may be what the magazine needs, following a tumultuous era for Texas Monthly, considered to be both a beacon of Texas culture and a shining example of long-form magazine journalism. In 2016, it was purchased from Emmis Communications by Genesis Park, a private investment firm led by Paul Hobby of the famed Houston-based Hobby family. Following that purchase, Hobby took over the role of chairman and CEO of the magazine, launching an arguably rocky tenure for Texas Monthly.
In February 2017, Hobby announced that Tim Taliaferro would be taking over the editor in chief position from Brian Sweany, a longtime TM staffer who climbed the ladder from intern in 1996 to taking the editor position following Jake Silverstein's departure for The New York Times Magazine in 2014. About a dozen notable writers left after Sweany's departure, though it's unfair to say it was a result of the masthead shakeup.
Just a few weeks into the Hobby-Taliaferro regime, journalism watchdog Columbia Journalism Review reported that Texas Monthly, a 13-time National Magazine Award winner, was going in a lifestyle direction. Reader reaction — not to mention the response from the journalism world — was swift, forcing the magazine to backpedal.
A year later, the magazine faced another misstep, this one involving Bumble and an alleged pay-for-play on social media. The somewhat salacious story also broke in the Columbia Journalism Review and eventually led to Taliaferro being moved into the newly created role of chief innovation officer. Thus began a year-long search that ended with Dan Goodgame being named editor in January 2019.
It's not breaking news to say it's an uncertain time for journalism, and Texas Monthly has clearly not survived unscathed. But hopefully Duncan Williams' purchase will help move the "national magazine of Texas" into a new era, one with a clear and bold vision.
For the sake of one of the nation's best magazines, we hope so.
This article originally ran on CultureMap.