By: E&P Staff
The Times Publishing Co., parent of the St. Petersburg (Fla.) Times, put the Congressional Quarterly Inc. (CQ) on the auction block Wednesday in a move to concentrate its resources on its Florida properties.
“CQ will attract many potential buyers who recognize its rich tradition and bright future,” Times Publishing Chairman Peter Tash said in a statement.
CQ was founded by Nelson Poynter when he was the owner of the Times in 1945. It is recognized as a leading publisher of information on federal, state and local governmental activity with about 170 reporters, editors and researchers.
Times Publishing says the company gets the majority of its revenue from its online properties, though it continues to publish the print CQ Weekly. Among its properties is the subscription-based online CQ.com plus CQ daily, which publishes both digitally and in print.
“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,” said CQ President Robert W. Merry.
Times Publishing said it has retained the Jordan, Edmiston Group Inc., a New York-based investment banking firm, to handle the transaction.
Jordan, Edmiston handled the sale last year of CQ’s books division, CQ Press, to Sage Publications of Thousand Oaks, California.