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 Florida‚Äôs 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 Group‚Äôs Roll Call and be managed under a newly formed unit: the CQ-Roll Call group. Congressional Quarterly has been on the block since January.
‚ÄúThe 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,‚ÄĚ Roll Call group managing director and executive vice president Laurie Battaglia said in a statement. ‚ÄúCQ and Roll Call are both highly regarded for unbiased, authoritative journalism and excellence.‚ÄĚ
The Economist Group said ‚Äúthe great majority of the CQ staff‚ÄĚ will join the new CQ-Roll Call group. Among those departing is longtime CQ president and editor-in-chief Robert W. Merry.
Mediabistro‚Äôs Fishbowl DC first reported the Economist Group‚Äôs interest in acquiring CQ last month. At the time, an Economist Group spokesperson denied the report, calling it ‚Äúspeculation.‚ÄĚ
Congressional Quarterly was represented by the Jordan, Edmiston Group in the deal.