Economist to sell CQ Roll Call to Fiscal Note
The Economist Group has agreed to sell a majority stake in CQ Roll Coll to FiscalNote for an undisclosed amount.
As part of the transaction, the Economist Group would obtain an 18 percent equity stake in the company, making it the largest single shareholder of FiscalNote.
In addition, Chris Stibbs, CEO of The Economist Group, will join the FiscalNote board of directors. FiscalNote founder and CEO Tim Hwang would remain the largest individual shareholder and CEO of the company.
Fiscal Note plans to combine CQ and Roll Call’s coverage of federal government and agencies with its technology, policy and analytics.
“By acquiring CQ Roll Call, FiscalNote will be positioned to provide best-in-class solutions in the issues management space,” said Hwang in a statement. “We are excited to provide our clients with greater access to enhanced products that will inform their decision making and maximize their influence on government as they tackle the challenging issues impacting their business.”
Fiscal Note has offices in Baton Rouge, Seoul, India, and Brussels, and it has raised more than $50 million from prominent early-stage investors such as Mark Cuban, Jerry Yang/AME Cloud Ventures and Steve Case.
CQ Roll Call journalists have won more Dirksen Awards for “Distinguished Reporting of Congress” than any other organization.
The acquisition is expected to be finalized and completed later this year pending regulatory approval.