Emmis Publishing takes AmEx's Atlanta - Emmis Publishing Corp. acquires American Express Publishing's magazine - Brief Article

Folio: The Magazine for Magazine Management, Sept 15, 1993

After nine months of efforts to sell its last two city titles and ultimately folding D, American Express Publishing sold Atlanta to Emmis Publishing Corp., owner of Indianapolis Monthly, in early August. The new owners say they plan to keep the title going, but will slash at least nine staff positions.

Sources say that the completion of the $2 million deal came down to a relatively small amount of cash--believed to be about $300,000--plus the assumption of a long-term lease liability at the magazine's swank downtown offices. AmEx bought Atlanta from MetroCorp four years ago for a reputed $8 million. Lee Walburn remains as editor. To complete the deal, Emmis had to beat out Tom Casey, the magazine's most recent publisher, and at least one other bidder. At press time, Casey was rumored to be in talks with Toronto-based Key Publishers Co. concerning a takeover of Where Atlanta.