Hearst Corp., the owner of the San Antonio Express-News, appears to be near a deal to buy recently shuttered San Antonio Magazine, a document obtained by the Current shows.
New York-based Hearst will pay $150,000 in cash plus an amount equal to 90% of the magazine's accounts receivable, according to a purchase agreement between the two companies. The copy of the contract obtained by the Current had not yet been signed by either party.
Officials with Hearst — whose magazine holdings include Cosmopolitan, Elle, Esquire and more — were unavailable for immediate comment. Express-News editor Marc Duvoisin declined comment on the contract.
Open Sky Media Inc., San Antonio Magazine's Austin-based ownership group, also didn't respond to inquiries for comment.
Open Sky — which also publishes Austin Monthly, Austin Home and Texas Music — revealed plans to shut down 18-year-old San Antonio Magazine in a promotional email sent out last month. The email, signed by the publication's editor-in-chief, Kathleen Petty, gave no reason for the closure.
It's unclear whether Heart's magazine division or the Express-News would oversee San Antonio Magazine should the deal be finalized.
Over the years, the Express-News has operated magazine-style publications, including the Latino-targeted Conexión and entertainment-focused 210SA. However, those publications were weekly tabloids produced on newsprint, not glossy monthlies, and have tended to be short lived.
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The Express-News' parent company is buying San Antonio Magazine
A contract obtained by the Current shows Hearst is ready to drop $150,000 on the 18-year-old publication.
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