Texas Monthly magazine bought by oil and gas heiress

Bob Levey/Getty Images

Randa Williams attends The 2nd Annual UNICEF Audrey Hepburn Society Ball Presented to Robert & Janice McNair at the Wortham Center Brown Theater on October 14, 2014 in Houston.

AUSTIN, Texas - A billionaire oil and gas heiress has bought Texas Monthly magazine.

The Austin-based monthly magazine said Tuesday that its new owner will be Randa Duncan Williams, whose late father founded Houston-based Enterprise Products Partners.

Williams chairs the newly formed Houston-based entity Texas Monthly LLC, which purchased the magazine from a Houston-based private equity firm founded by Paul Hobby. His family has deep roots in Texas journalism and politics.

Williams, a reader of the magazine since she was a teenager, said her family is "delighted to provide the resources to support this iconic Texas institution," adding that "the journalistic integrity and quality for which Texas Monthly is known will remain unchanged."

Terms of the deal, set to close Sunday, weren't disclosed. Hobby purchased the magazine for $25 million in 2016.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.