The Economist Group Acquires CQ
Washington, D.C.-based magazine to join newly-formed CQ-Roll Call group.
The Economist Group today said it has agreed to acquire Washington, D.C.-based Congressional Quarterly from Floridaâ€™s Times Publishing Company. The deal is expected to close sometime during the third quarter.
Financial terms were not disclosed.
As part of the agreement, CQ will join the Economist Groupâ€™s Roll Call and be managed under a newly formed unit: the CQ-Roll Call group. Congressional Quarterly has been on the block since January.
â€śThe 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,â€ť Roll Call group managing director and executive vice president Laurie Battaglia said in a statement. â€śCQ and Roll Call are both highly regarded for unbiased, authoritative journalism and excellence.â€ť
The Economist Group said â€śthe great majority of the CQ staffâ€ť will join the new CQ-Roll Call group. Among those departing is longtime CQ president and editor-in-chief Robert W. Merry.
Mediabistroâ€™s Fishbowl DC first reported the Economist Groupâ€™s interest in acquiring CQ last month. At the time, an Economist Group spokesperson denied the report, calling it â€śspeculation.â€ť
Congressional Quarterly was represented by the Jordan, Edmiston Group in the deal.