Oil And Gas Heiress Randa Duncan Williams Buys Texas Monthly Magazine

AUSTIN, Texas (CBSDFW/AP) — A billionaire oil and gas heiress adds Texas Monthly magazine to her possessions.

The Austin-based monthly magazine said Tuesday that its new owner is 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.

Forbes recently listed Williams as the ninth wealthiest person in Texas.