New media grows as media sector sheds value Times Publishing to sell "Congressional Quarterly' ABM announces Neal Awards finalists

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The media sector is shedding value overall as the losses by traditional media businesses are not being offset by growth in new-media businesses, according to consultancy Oliver Wyman Group's “2009 State of the Industry Report,” which was released late last month. The report found that from 2003 to 2008, the traditional media sector—including media agencies, publishing, and broadcast and entertainment—lost 32% of its market value, or $137 billion, while new media (online content and services) gained 102%, or $58 billion. Times Publishing Co. is exploring a sale of Congressional Quarterly. “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,” CQ President Robert W. Merry, said in a statement. Times Publishing Co., which also publishes the St. Petersburg Times, said it has retained Jordan, Edmiston Group, an investment banking firm, to handle the transaction. American Business Media announced the finalists for the Jesse H. Neal National Business Journalism Awards. Crain Communications Inc., which publishes BtoB, has 15 finalists, more than any other publishing company. Hanley Wood, International Data Group and McGraw-Hill Cos. each have 12 finalists. BtoB was nominated for Best Department in the $3 million-to-$7 million revenue category for its NetMarketing department. The winners will be announced March 19 at a luncheon in New York.
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