G/O Media, which operates online qualities this sort of as Deadspin, Gizmodo and Jezebel, is attaining on line small business news site Quartz, marking a different go in the consolidating digital-media landscape.
Associates from G/O Media and Quartz declined to disclose the deal cost.
the main government at Quartz, will continue to be at the firm as its editor in chief. There will be no staff cuts thanks to the sale, he mentioned in a letter to workers. The Quartz newsroom will remain independent and targeted on global small business information and evaluation, he mentioned.
“Joining a larger sized firm will offer a lot more methods for our most strapped groups at Quartz and far more chances for vocation growth across the new corporation,” Mr. Seward reported in the letter.
The offer is component of a wave of consolidation in media as publishers seek out scale to compete with
’s Google and Meta Platforms Inc.’s Facebook, when developing out new functions these as people targeted on e-commerce and licensing.
In the earlier calendar year, IAC/InterActiveCorp.’s Dotdash obtained journal giant Meredith, Vox Media obtained Team Nine Media and BuzzFeed Inc. went community via a special-goal-acquisition firm in an energy to elevate cash to fund promotions.
After the Quartz deal, G/O will individual 12 publications, which includes automotive news web page Jalopnik, satirical information publication The Onion and Black news and lifestyle web site The Root.
The publisher stated it appeals to 95 million distinctive regular monthly site visitors. Quartz explained it has 10 million regular visitors.
Founded in 2012 by Atlantic Media, Quartz has experienced many house owners in its decade of existence.
“This is the third time Quartz has been marketed,” Mr. Seward said in his letter.
In 2018, Quartz was bought to
, a Japanese fiscal intelligence and media firm. Then two decades later, Uzabase marketed Quartz to Mr. Seward and Editor in Chief Katherine Bell in a management buyout.
In his letter to workforce, Mr. Seward claimed Ms. Bell was leaving her part as editor in chief but would go on to serve as an adviser to Quartz.
“After having Quartz private in 2020, we experienced sought to raise money and continue to be on our possess,” Mr. Seward reported. “Selling was not the strategy, but it turned the extremely finest route for Quartz, and for all of you, when we commenced conversing to G/O previously this 12 months.”
Mr. Seward earlier worked for The Wall Avenue Journal.
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Appeared in the April 29, 2022, print edition as ‘Business Information Internet site Quartz Obtained by G/O Media.’