Economist Group to sell CQ Roll Call to FiscalNote
The Economist Group plans to sell CQ Roll Call to technology and data company FiscalNote, with the acquisition expected to close later this year, the companies announced Wednesday.
Following the deal, the Economist Group — publisher of The Economist magazine — would take on an 18 percent equity stake in the combined company, and its chief executive, Chris Stibbs, would join FiscalNote’s Board of Directors. Tim Hwang, the founder and CEO of FiscalNote, would continue to lead the company.
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The Economist Group, which purchased Capitol Hill-focused newspaper Roll Call in 1992, added CQ, the congressional news and policy publication, in 2009 in a deal reported to be around $100 million. No price was announced Wednesday.
It’s unclear how FiscalNote, which focuses on technology and data, would manage a news organization like CQ Roll Call, a staple of Washington political and policy reporting. But representatives from both organizations suggested there was a synergy between the two companies.
“By acquiring CQ Roll Call, FiscalNote will be positioned to provide best-in-class solutions in the issues management space,” said Hwang said in a statement.
Stibbs said in a statement that “FiscalNote’s technology-driven approach to products and services is the perfect complement to CQ Roll Call’s editorial excellence and advocacy services.”
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