|Weekly News Digest
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Times Publishing Co. Plans to Sell Congressional Quarterly, Inc.
The Times Publishing Co. of St. Petersburg, Fla. (www.tampabay.com), announced it is exploring the sale of Congressional Quarterly, Inc. (CQ; www.cq.com). Paul Tash, chairman of Times Publishing, says the move represents the company’s decision to direct investment resources toward properties in Florida, including its award-winning newspaper, the St. Petersburg Times. Times Publishing has retained the Jordan, Edmiston Group, Inc. (JEGI; www.jegi.com), a New York-based investment banking firm, to handle the transaction. JEGI performed the same role last year in the sale of CQ’s books division, CQ Press, to Sage Publications of Thousand Oaks, Calif.
Based in Washington, D.C., Congressional Quarterly is a leading publisher of news and information on politics, public policy, and legislative activity at the federal, state, and local levels. With nearly 170 reporters, editors, and researchers covering governmental activity, CQ is recognized as a leader in the development of web-based information products.
CQ president Robert W. Merry, who joined CQ in 1987 after a dozen years covering Washington for The Wall Street Journal, said, "The Times Publishing Co. has been a wonderful steward of this business. But to maintain CQ’s double-digit growth, we appreciate that it’s time to bring our enterprise under the banner of an owner with national or international reach."
CQ was founded in 1945 by Nelson Poynter, then owner of the St. Petersburg Times. Though it began in print with CQ Weekly magazine, which continues to be a leading publication for political and policy professionals, the company today garners a majority of its revenue from electronic, real-time information. CQ.com, created in the late 1990s, is a subscription-based information service that tracks congressional activity for the sophisticated Washington audience and is seen by many industry analysts as an innovative service that pushed CQ to the first rank of digital publishing.
Similarly, Capitol Hill watchers turn to CQ’s daily newsletter, CQ Today, both in print and online, for key news and information on each day’s legislative happenings. CQ also reaches far beyond the Beltway with its free CQ Politics website (www.cqpolitics.com), which offers news, blogs, and interactive features on politics and campaigns for political professionals and opinion leaders of all stripes. And state and regional government leaders across the nation depend on CQ’s Governing magazine for in-depth analysis of the trends affecting their state governments.
Source: Times Publishing Co.
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