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.”
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