From the release:

The Times Publishing Co. of St. Petersburg, Fla., announced today it is exploring the sale of Congressional Quarterly, Inc.

Based in Washington, D.C., Congressional Quarterly is the nation's leading publisher of news and information on politics, public policy and legislative activity at the federal, state and local levels. With nearly 170 reporters, editors and researchers covering governmental activity, CQ is recognized as a leader in the development of Web-based information products.

Paul Tash, chairman of Times Publishing, said the move represents the company's decision to direct investment resources toward properties in Florida, including its award-winning newspaper, the St. Petersburg Times.

"From its inception, CQ has enjoyed a sterling reputation for journalistic excellence, and in recent years its executives and its staff have created a prosperous and growing enterprise," Tash said. "CQ will attract many potential buyers who recognize its rich tradition and bright future."

CQ President Robert W. Merry, who joined CQ in 1987 after a dozen years covering Washington for the Wall Street Journal, said, "The Times Publishing Co. has been a wonderful steward of this business. 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."