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Sean Daly, Michelle Stark and Sharon Kennedy Wynne

Times Publishing confirms sale of CQ to British-owned Roll Call magazine

21

July

S-CQ-large St. Petersburg Times owner Times Publishing Co. confirmed today the sale of Congressional Quarterly Inc. to Roll Call magazine to create a new company dubbed C.Q.-Roll Call Group.

The terms of the deal were not disclosed, but the Politico Web site reported last month a "ballpark price" of $100 million -- less than expected for one of the biggest names in Washington journalism.

"For the Times, the sale lets the company extinguish its debt and advance its long-term goals in Florida," said St. Petersburg Times editor, CEO and chairman Paul Tash in a statement released today. He said the sale should close during this quarter.

Tash also noted the sale does not include Governing magazine, which will be spun off and sold separately. He also noted Governing's former publisher Peter Harkness will come out of retirement to keep the magazine on course until a sale is completed.

Roll Call is owned by London-based Economist Group of London. In a story on its Web site, Roll Call quoted Laurie Battaglia, managing director and executive vice president of Roll Call Group: “We are delighted to welcome Congressional Quarterly to Roll Call,” Battaglia said. “The new CQ-Roll Call Group will have the largest and most experienced newsroom covering Washington and will be the leader in providing insight and analysis about the workings of Congress. CQ and Roll Call are both highly regarded for unbiased, authoritative journalism and excellence.”

[Last modified: Wednesday, July 21, 2010 3:00pm]

    

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