Texas Monthly, a well-regarded regional magazine that has spawned award-winning journalists, has been sold by its longtime owner, Emmis Communications Corporation.

The magazine, which was sold for $25 million, will go to Genesis Park LP, a partnership founded by Paul Hobby, a businessman with holdings in media, telecommunications and energy.

In a statement, Emmis Communications CEO Jeff Smulyan hailed the magazine's employees for 18 years of work.

"Texas Monthly has been a member of the Emmis family for 18 years, so today is bittersweet," he said. "We want to thank all of our employees for their dedication and hard work."

On Emmis' watch, Texas Monthly has won five National Magazine Awards, most recently in 2013 in the public interest and feature writing categories. The magazine has also been a proving ground for many high-profile journalists, including New York Times Magazine editor Jake Silverstein.