Just got off the phone with Dolan Media president Jim Dolan about his BringMeTheNews investment (more on that in a bit) and he told me he just closed on the purchase of the Federal News Service, which provides transcripts for Congressional hearings and a whole host of national political activities.
“It’s the coolest little company,” said Dolan, who owns Politics in Minnesota, Finance and Commerce, St. Paul Legal Ledger and a host of other media properties nationwide. “They give you certified, really ‘what he-said’ transcripts, really fast. It’s exactly what was said, not what the politician wishes was said, but really said. Hearings before Congress, campaigns — it’s all really relevant. All the [political] media subscribes.
Dolan says FNS was profitable, but he bought it from a holding company that went bankrupt.
Here’s the release:
The Dolan Company Acquires Federal News Service
WASHINGTON, D.C., Aug. 9, 2010 – The Dolan Company (NYSE: DM), a leading provider of services and business information to professionals in law, finance and real estate, said today that it has acquired Federal News Service, the premier provider of verbatim transcripts of important events in the nation’s capital.
Fed News is a 25-year-old company that, using special technology and trained specialists who work in real time, transcribes Washington’s pivotal events and delivers the transcriptions very quickly to its customers. Transcriptions cover Presidential public appearances; major congressional hearings; speeches, statements and press conferences by administration leaders, congressional leaders and their spokespersons; briefings and important events at the White House and departments of State, Defense, Justice, Homeland Security and Office of the U.S. Trade Representative; speeches and press conferences by visiting international leaders; political interviews on TV; and key events during presidential campaigns. It also provides multi-language translations and custom transcription services.
Its customers include government agencies, news media, embassies and foreign governments, and broadcast monitoring services.
“Fed News plays an important role in public affairs, reporting exactly what was said, rather than official transcripts that often show only what was supposed to have been said,” said The Dolan Company President James P. Dolan in announcing the transaction.
Dolan also named Rebecca Snyder as Fed News vice president and general manager, reporting to Mark Stodder, executive vice president of The Dolan Company’s Business Information Division. He said the company would remain at its offices at 1000 Vermont Avenue NW.
Stodder said he looked forward to putting Dolan’s large resource base to work assisting Fed News as it expands its coverage and menu of services. “We see many opportunities for Fed News to grow its already impressive reach to policymakers and key leaders in and out of government,” Stodder said.
Most of Fed News’ services are delivered online to customers, although the company offers multiple distribution channels. Its service lines include:
Washington Transcripts, a constantly growing database of political, government and public affairs transcripts,
Transcript Archives, a searchable database of thousands of transcripts covering years of public events,
FNS NewsClips Online, a powerful news tracking service that monitors more than 200,000 online media sources, government and non-governmental organization web sites, and blogs,
Financial Transcripts and Health Care Transcripts, covering events related to industry-specific events,
Broadcast Monitoring, which monitors more than 2,000 TV news programs in network, local and cable stations in more than 150 cities, providing clients with summary reports, transcripts or audio or video clips,
Multi-Lingual Translation Services working in all major languages and providing industry-specific expertise in law, telecommunications, engineering, aerospace, finance, medicine and energy, and
Custom Transcription Services covering non-public events.
The company’s web site is www.federalnewsservice.com.
Snyder takes over Federal News Service after working for 12 years at The Dolan Company’s Daily Record Company in Baltimore, where she most recently was vice president and general manager since 2005. She started with Daily Record Company as a classified advertising sales representative in 1998 and later became operations director. She is a director of the Maryland-Delaware-DC Press Association and of The Loading Dock, a non-profit building materials reuse center.
Dolan acquired the assets of Federal News Service from the trustee of the bankruptcy estate of Cheryl A. Reagan. U.S. Bankruptcy Judge Richard Taylor in Hot Springs, Arkansas recently approved the transaction, and it closed Aug. 8.