Quartz sold for less than $10 million

Business news site Quartz sold for less than $10 million last month to G/O Media, reports Sara Fischer of Axios.

Fischer reports, “Quartz sold to Uzabase, a Japanese business data and news firm, in 2018, after its inception at Atlantic Media, for a reported $86 million.

“In 2020, management bought the company back, with plans to reinvest. Quartz CEO Zach Seward said last week management ‘sought to raise money and remain on our own,’ but the sale ‘became the very best path for Quartz’ and its employees.

“What’s next: Seward said there will be no layoffs connected to the sale.

“All current employees who join G/O Media will be eligible for deal bonuses from the proceeds of the sale, totaling more than $1 million.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.