Magazines. Texas Monthly magazine has been sold to Texan heiress Randa Duncan Williams’s Enterprise Products Company. The legendary magazine was founded in 1973 by Michael Levy and was acquired in 2016 by Genesis Park private equity for $25m. It claims a readership of 2.5m. The value of the business is thought to have declined along with advertising revenues. Texas Monthly has won 14 national magazine awards for its reports on controversial social issues which have included reproductive rights and the death penalty in a predominantly republican state. It once featured a cover picture of the shotgun-carrying US vice president with the slogan: “If you don’t buy this magazine, Dick Cheney will shoot you in the face”.
According to Forbes, oil and gas entrepreneur Randa Williams as the 290th wealthiest person in the world with an estimated net worth of $6.4bn. She joins a growing list of ultra-high-net-worth people who have acquired publications they have long enjoyed reading, including: Jeff Bezos (Washington Post), John William Henry (Boston Globe), Laurene Powell Jobs (The Atlantic), Patrick Soon-Shiong (Los Angeles Times), and Marc and Lynne Benioff (Time magazine), and Chatchaval Jiaravanon (Fortune magazine).