Gizmodo Owner G/O Media Buys Business News Site Quartz
G/O Media, which operates on line properties these types of as Deadspin, Gizmodo and Jezebel, is obtaining on-line organization information web page Quartz, marking a further go in the consolidating digital-media landscape.
Associates from G/O Media and Quartz declined to disclose the deal price tag.
the chief executive at Quartz, will stay at the firm as its editor in chief. There will be no personnel cuts thanks to the sale, he claimed in a letter to staff. The Quartz newsroom will continue to be independent and concentrated on international organization information and examination, he claimed.
“Joining a larger firm will supply extra means for our most strapped teams at Quartz and extra alternatives for vocation development across the new organization,” Mr. Seward claimed in the letter.
The offer is aspect of a wave of consolidation in media as publishers request scale to contend with
’s Google and Meta Platforms Inc.’s Fb, though constructing out new features these as those concentrated on e-commerce and licensing.
In the earlier 12 months, IAC/InterActiveCorp.’s Dotdash acquired magazine giant Meredith, Vox Media obtained Team Nine Media and BuzzFeed Inc. went community via a distinctive-function-acquisition organization in an effort and hard work to raise money to fund bargains.
Immediately after the Quartz offer, G/O will individual 12 publications, like automotive information internet site Jalopnik, satirical information publication The Onion and Black information and tradition website The Root.
The publisher explained it draws in 95 million exceptional monthly site visitors. Quartz explained it has 10 million regular website visitors.
Started in 2012 by Atlantic Media, Quartz has had numerous entrepreneurs in its 10 years of existence.
“This is the third time Quartz has been sold,” Mr. Seward reported in his letter.
In 2018, Quartz was sold to
, a Japanese economic intelligence and media organization. Then two several years later on, Uzabase offered Quartz to Mr. Seward and Editor in Chief Katherine Bell in a administration buyout.
In his letter to personnel, Mr. Seward claimed Ms. Bell was leaving her part as editor in chief but would continue to serve as an adviser to Quartz.
“After having Quartz personal in 2020, we experienced sought to raise cash and keep on being on our individual,” Mr. Seward reported. “Selling was not the system, but it grew to become the very finest path for Quartz, and for all of you, when we commenced chatting to G/O before this year.”
Mr. Seward earlier worked for The Wall Road Journal.
Produce to Omar Abdel-Baqui at [email protected] and Alexandra Bruell at [email protected]
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Appeared in the April 29, 2022, print version as ‘Business News Site Quartz Obtained by G/O Media.’