|Weekly News Digest
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Roll Call Acquires Congressional Quarterly
Roll Call Group (www.rollcallgroup.com) announced it has agreed to acquire Congressional Quarterly (CQ; www.cq.com) from the Times Publishing Co. Under the terms of the agreement, Roll Call, a wholly owned subsidiary of The Economist Group (www.economistgroup.com), will purchase CQ to form a new company to be known as the CQ-Roll Call Group.
Each company has a storied and distinct history covering Congress and Washington politics and policy. Since 1945, CQ has been the "publication of record" providing factual, unbiased coverage of congressional activity. In recent years, CQ has been at the forefront of developing internet services that provide real-time intelligence on the workings of Congress.
Roll Call, founded in 1955 and acquired by The Economist Group in 1992, has been at the center of the Capitol Hill community, providing a look into the people, politics, and personalities that drive the legislative process. This focus on community has led to strategic expansion into trade association-based grass-roots mobilization with the acquisition of Capitol Advantage in 2008.
The CQ-Roll Call Group intends to maintain each company's unique editorial voice, and, thus, there are no current plans to eliminate any products. In addition, the great majority of the CQ staff will join the merged organization. Robert W. Merry, president and editor-in-chief of CQ for the past 12 years, will not be retained by the merged company.
CQ was represented by The Jordan, Edmiston Group, Inc. (www.jegi.com), a New York City-based investment bank that specializes in the media, information, marketing services, and related technology industries. Both companies have approved the transaction, which is subject to customary closing conditions and is expected to close in 3Q 2009. The Times Publishing Co. had announced its intention to sell CQ early in 2009.
Source: Roll Call Group
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