G/O Media, which operates online attributes this sort of as Deadspin, Gizmodo and Jezebel, is acquiring on the net small business news web page Quartz, marking a further shift in the consolidating digital-media landscape.
Reps from G/O Media and Quartz declined to disclose the offer value.
the chief govt at Quartz, will remain at the enterprise as its editor in chief. There will be no workers cuts due to the sale, he said in a letter to staff. The Quartz newsroom will continue being unbiased and concentrated on global small business information and analysis, he stated.
“Joining a larger company will deliver extra sources for our most strapped groups at Quartz and far more opportunities for occupation development throughout the new business,” Mr. Seward stated in the letter.
The deal is component of a wave of consolidation in media as publishers seek out scale to contend with
’s Google and Meta Platforms Inc.’s Facebook, even though constructing out new capabilities these types of as people concentrated on e-commerce and licensing.
In the previous yr, IAC/InterActiveCorp.’s Dotdash acquired journal big Meredith, Vox Media obtained Group 9 Media and BuzzFeed Inc. went public via a specific-intent-acquisition organization in an effort to raise cash to fund bargains.
Right after the Quartz deal, G/O will possess 12 publications, together with automotive news web site Jalopnik, satirical news publication The Onion and Black information and culture web site The Root.
The publisher claimed it appeals to 95 million one of a kind regular website visitors. Quartz said it has 10 million regular guests.
Founded in 2012 by Atlantic Media, Quartz has experienced numerous entrepreneurs in its ten years of existence.
“This is the third time Quartz has been bought,” Mr. Seward claimed in his letter.
In 2018, Quartz was offered to
, a Japanese economical intelligence and media business. Then two a long time later on, Uzabase bought Quartz to Mr. Seward and Editor in Main Katherine Bell in a management buyout.
In his letter to staff members, Mr. Seward said Ms. Bell was leaving her purpose as editor in chief but would continue on to serve as an adviser to Quartz.
“After having Quartz private in 2020, we experienced sought to increase money and keep on being on our own,” Mr. Seward said. “Selling was not the approach, but it turned the incredibly very best route for Quartz, and for all of you, when we started chatting to G/O previously this 12 months.”
Mr. Seward previously worked for The Wall Avenue Journal.
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Appeared in the April 29, 2022, print version as ‘Business Information Web page Quartz Purchased by G/O Media.’