Emmis announced Thursday the sale of its magazine Indianapolis Monthly to Michigan-based media group Hour Media. The company did not disclose details of the transaction.
“We’re incredibly proud of the award-winning product our people created every month,” said Jeff Smulyan, founder and chairman of Emmis, in an emailed statement to IndyStar. ”We have had a truly remarkable run as owners of Indianapolis Monthly , and we look forward to its continued success under Hour.”
Indianapolis Monthly was the last magazine to be owned and operated by Emmis, which in 2017 sold its Los Angeles, Orange Coast, Cincinnati and Atlanta magazines to Hour Media.
This will leave Emmis with ownership of New York radio stations WLIB 1190 AM and ESPN 98.7 FM, sound masking company Lencore, podcast company Sound That BRANDS and pricing solutions company Digonex.
Hour Media is the largest publisher of regional and city magazines in the US, according to Emmis’ statement. The company’s titles include Hour Detroit, Minnesota Monthly, Sacramento Magazine and more across numerous states.
President of Hour Media John Balardo did not immediately respond to IndyStar’s request for comment about the sale.
Earlier this year, Emmis sold its group of Indianapolis radio stations to Urban One, including B105 (WYXB 105.7-FM), HANK FM (97.1-FM), The Fan (93.5-FM and 107.5-FM), WIBC (93.1-FM ) and Network Indiana.
Indianapolis Monthly was founded in 1977, according to the website, as Indianapolis Home and Garden Magazine. Emmis, formerly known as Emmis Communications, bought the publication in 1988. The magazine publishes both long-form stories and service pieces about politics, business, restaurants, lifestyle, entertainment and more in Indianapolis.
According to Indianapolis Monthly’s 2023 media kit, the magazine currently has 170,000 monthly readers.
Contact IndyStar business reporter Claire Rafford at firstname.lastname@example.org or on Twitter @clairerafford.