Deal marks another move in the consolidating digital-media landscape; a deal price wasn’t disclosed
Zach Seward, the chief executive at Quartz, will stay at the company as its editor in chief. There will be no staff cuts due to the sale, he said in a letter to employees. The Quartz newsroom will remain independent and focused on global business news and analysis, he said.
“Joining a larger firm will provide more resources for our most strapped teams at Quartz and more opportunities for career growth across the new company,” Mr. Seward said in the letter.
The deal is part of a wave of consolidation in media as publishers seek scale to compete with Alphabet Inc.,
‘s Google and Meta Platforms Inc.’s Facebook, while building out new functions such as those focused on e-commerce and licensing.
In the past year, IAC/InterActiveCorp.’s Dotdash acquired magazine giant Meredith, Vox Media acquired group Nine Media and BuzzFeed Inc. went public via a special-purpose-acquisition company in an effort to raise money to fund deals.
After the Quartz deal, G/O will own 12 publications, including automotive news site Jalopnik, satirical news publication The Onion and Black news and culture site The Root.
The publisher said it attracts 95 million unique monthly visitors. Quartz said it has 10 million monthly visitors.
Credit: www.wsj.com /