Make us your home page
Instagram

Times to put Congressional Quarterly up for sale

ST. PETERSBURG — Times Publishing Co., the corporate parent of the St. Petersburg Times, announced Wednesday that it is putting its Washington-based Congressional Quarterly Inc. up for sale.

CQ is an award-winning journalism company that has been a leader in covering Congress and federal politics since it was created 63 years ago by then-Times owner Nelson Poynter. Poynter viewed it as way to help the home audience keep tabs on its Washington representatives, and he saw it more as a public service than a source of profit.

Rapid expansion into the digital age has turned CQ and several electronic spinoffs into a popular source of daily, weekly and real-time news that decision-makers, academics and other media outlets are willing to pay for. The company employees 170 people.

"CQ has enjoyed a sterling reputation for journalistic excellence," Times Publishing chairman Paul Tash said in a news release, who added in a letter to Times staff that it was a "painful decision" brought about by a harsh economy.

Tash declined to pinpoint CQ's revenue or worth on the open market. The CQ sale, he said, will allow Times Publishing to retire debt from a major renovation of its printing operations, provide revenue to its owner, the Poynter Institute for Media Studies in St. Petersburg, and invest in operations and growth of the Times.

CQ may benefit from gaining new ownership with deeper pockets.

"Times Publishing Co. has been a wonderful steward of this business," CQ president Robert Merry said in the release. "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."

Times to put Congressional Quarterly up for sale 01/28/09 [Last modified: Wednesday, January 28, 2009 11:40pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Pinellas construction licensing board needs to be fixed. But how?

    Local Government

    LARGO –– Everyone agrees that the Pinellas County Construction Licensing Board needs to be reformed. But no one agrees on how to do it.

    Rodney Fischer, former executive director of the Pinellas County Construction Licensing Board Rodney, at a February meeting. His management of the agency was criticized by an inspector general's report. [SCOTT KEELER   |   Times]

  2. New owners take over downtown St. Petersburg's Hofbräuhaus

    Retail

    ST. PETERSBURG — The downtown German beer-hall Hofbräuhaus St. Petersburg has been bought by a partnership led by former Checkers Drive-In Restaurants president Keith Sirois.

    The Hofbrauhaus, St. Petersburg, located in the former historic Tramor Cafeteria, St. Petersburg, is under new ownership.
[SCOTT KEELER  |  TIMES]

  3. Boho Hunter will target fashions in Hyde Park

    Business

    Boho Hunter, a boutique based in Miami's Wynwood District, will expand into Tampa with its very first franchise.

    Palma Canaria bags will be among the featured items at Boho Hunter when it opens in October. Photo courtesy of Boho Hunter.
  4. Gallery now bringing useful art to Hyde Park customers

    Business

    HYDE PARK — In 1998, Mike and Sue Shapiro opened a gallery in St. Petersburg along Central Ave., with a majority of the space dedicated to Sue's clay studio.

     As Sue Shapiro continued to work on her pottery in St. Petersburg, her retail space grew and her studio shrunk. Now Shapiro's is bringing wares like these to Hyde Park Village. Photo courtesy of Shapiro's.
  5. Appointments at Raymond James Bank and Saint Leo University highlight this week's Tampa Bay business Movers & Shakers

    Business

    Banking

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. Jackson will oversee all of Raymond James Bank's operational business elements, risk management and strategic planning functions. Kackson joins Raymond James Bank after senior …

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. [Company handout]