An internal memo, obtained by FishbowlDC:
To All CQ and Governing Staffers –
I’m pleased to announce that CQ has acquired the broadcast media-monitoring assets of a company called Voxant, which provides transcripts of leading news shows, an increasingly important source of information for many of our traditional customers and clients. The acquired service provides verbatim transcripts of programming that appears on CNN, Fox News, MSNBC and other leading broadcast and cable news shows. It also produces and distributes select verbatim transcripts of corporate earnings and shareholder events and calls. Customers include the AP, LexisNexis, Factiva, Thomson Reuters, Bloomberg, NewsEdge and Westlaw.
Since we got into the transcriptions business four years ago, in partnership with our friends at Morningside Partners, we have seen revenue increase by 50 percent and margins move into very strong territory. This acquisition provides a welcome opportunity to expand this enterprise even further (transcriptions revenue will double as a result), to bolster our wholesale-information business, and to cement further our association with the country’s top media outlets. Coupled with our existing transcriptions business focused on hearings and other congressional events, this acquisition will render us a market leader in this area of information distribution so crucial to many of our most important customers.