Times Mirror sells National Journal
WASHINGTON (AP) _ Ownership of National Journal Inc., which publishes a closely-read, small-circulation weekly magazine about government and politics, will change hands under an agreement announced Tuesday by its owner, Times Mirror Co.
The new owners will be a group of National Journal’s senior executives led by John Fox Sullivan, the publication’s chief executive officer and president, and Washington publisher David G. Bradley.
The sales price was not disclosed.
``We are pleased to have found a high quality buyer,″ said Mark H. Willes, chairman, president and chief executive officer of Times Mirror, which acquired the magazine in 1986.
``I’m ecstatic,″ said Sullivan. ``It’s an opportunity to have a little piece of the action, but more importantly there’s a real commitment to continue expanding and growing the kind of quality publications that we have.″
He said he would remain as CEO and president.
Bradley, recalling his reliance on the magazine when he was in college, said, ``Twenty years ago National Journal got me through Swarthmore College. It will be a privilege to repay some of that debt.″ Bradley is founder of The Advisory Board Company, a Washington firm that conducts research for 2,400 member organizations and companies.
National Journal was founded in 1969. Sullivan came aboard in 1975.
With 5,500 subscribers, the magazine has a loyal following in government. Subscriptions costs $987 a year.
The company also publishes CongressDaily twice a day, distributed electronically and by fax; The Hotline, an electronic newsletter for political junkies; Government Executive magazine, which goes to 60,000 state and local government executives; and the Almanac of American Politics, issued every other year, containing biographies of members of Congress and details about their districts and campaigns.
An Internet service, National Journal’s ``CloakRoom,″ is scheduled to begin operations in July. With The Washington Post and ABC News, National Journal had been a partner in PoliticsNow, an Internet site which went out of business in March.
Times Mirror is a diversified media company, which publishes the Los Angeles Times, Newsday, The Baltimore Sun, The Hartford Courant, and other newspapers as well as a number of magazines.