CQ Seeks Sale of Books Division
Company hopes to redirect resources to core enterprises, including magazines.
The Times Publishing Co. of St. Petersburg, Fla.—publisher of the St. Petersburg Times newspaper and parent of Washington-based Congressional Quarterly Inc.—has announced that it is exploring the sale of CQ Press, Congressional Quarterly’s book publishing business. The company hopes the sale will help it to direct its investment resources more on its core enterprises; its newspapers and CQ’s Publications division, which includes newsmagazine CQ Weekly.
The company has retained investment banking firm The Jordan Edmiston Group to handle the transaction. “In the current business climate, our company can’t adequately fund all of its business units that need investment capital,” corporate vice president Andrew Corty said in a memo. “We have to make choices.”
With 135 employees, CQ Press represents about a third of overall CQ business. With its stable of print and online products, CQ provides news and analysis on Congress, politics and public policy.
The Times Publishing Co. is owned by the Poynter Institute for Media Studies.