G/O Media, which operates on the web properties these types of as Deadspin, Gizmodo and Jezebel, is acquiring on the web business information web-site Quartz, marking an additional shift in the consolidating electronic-media landscape.
Associates from G/O Media and Quartz declined to disclose the deal price tag.
the main executive at Quartz, will remain at the business as its editor in chief. There will be no team cuts due to the sale, he reported in a letter to staff. The Quartz newsroom will keep on being independent and focused on global small business information and analysis, he claimed.
“Joining a larger firm will offer extra sources for our most strapped groups at Quartz and additional prospects for job advancement across the new organization,” Mr. Seward reported in the letter.
The deal is element of a wave of consolidation in media as publishers look for scale to contend with
’s Google and Meta Platforms Inc.’s Facebook, when setting up out new capabilities these kinds of as people centered on e-commerce and licensing.
In the earlier calendar year, IAC/InterActiveCorp.’s Dotdash acquired magazine big Meredith, Vox Media acquired Group 9 Media and BuzzFeed Inc. went public by using a unique-reason-acquisition organization in an exertion to increase income to fund deals.
Immediately after the Quartz deal, G/O will have 12 publications, together with automotive information web-site Jalopnik, satirical information publication The Onion and Black information and lifestyle web site The Root.
The publisher reported it appeals to 95 million one of a kind month-to-month guests. Quartz reported it has 10 million every month website visitors.
Established in 2012 by Atlantic Media, Quartz has experienced many entrepreneurs in its decade of existence.
“This is the third time Quartz has been bought,” Mr. Seward reported in his letter.
In 2018, Quartz was sold to
, a Japanese money intelligence and media business. Then two a long time later, Uzabase sold Quartz to Mr. Seward and Editor in Main Katherine Bell in a administration buyout.
In his letter to workforce, Mr. Seward stated Ms. Bell was leaving her part as editor in main but would continue on to provide as an adviser to Quartz.
“After getting Quartz personal in 2020, we experienced sought to raise revenue and continue to be on our individual,” Mr. Seward claimed. “Selling was not the approach, but it became the really very best route for Quartz, and for all of you, when we begun talking 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 News Site Quartz Ordered by G/O Media.’