The Washington Times has learned that the company is going public in a few weeks, but has not revealed the price or details of the deal.
The Wall Street Journal reported in June that Cleo, which is owned by eBay Inc., had been in talks to buy its parent company, Advance Publications Inc., which publishes The Washington Monthly.
The company was in talks for several years to buy the paper.
Cleo said Friday it was launching a new line of apps for Apple iPhones and iPads that will compete with other apps from companies like Apple, Google and Amazon.
Apple has also been rumored to be looking to acquire Cleo.
It is currently owned by the Chinese tech giant Alibaba Group Holding Ltd., which has been buying up newspapers for years.