G/O Media, the publisher behind famous websites like Gizmodo, Kotaku, and The Onion, is set to acquire the business news website Quartz. Quartz Chief Executive Zach Seward published an official memo today stating their plans to merge with the company, however no financial details were published in the memo.
In 2018 Uzabase, a Japanese-based financial firm, would purchase Quartz, and in 2020 it would become private under Zachary Seward. Now, Great Hill Partners-owned G/O will become their next owner. G/O will be the third owner of Quartz Inc since it was founded in 2012.
Seward told his staff in the memo: “G/O, meanwhile, will help us reach a lot more people across its network and unlock new revenue streams that we couldn’t on our own. And we will make this combination without any reduction in jobs.”
In 2021 Quartz earned $11.1 million, $1.2 million less in yearly revenue than 2020. The slowly struggling company has been pressured to find a new owner. They’re not the only one however.
Verizon Inc sold its media pages, Yahoo Finance, Engadget, and more, to Apollo Global Management while Vox Media underwent a merger deal with Nine Media. These deals come as news sites began to struggle under slowly falling revenue due to advertising issues with major corporations such as Alphabet Inc, the parent company behind Google.
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