Uzabase, the Japanese parent company of financial news site Quartz, announced Thursday that it will restructure the business and reduce its employees by 40 percent, or 80 positions.
The editorial staff of 85 positions is being cut to 50 staffers.
Uzabase acquired Quartz in July 2018.
The company said that the advertising revenue at Quartz had declined by 54.1 percent during the first quarter.
“As such, Uzabase has made a decision to accelerate efforts to reorganize Quartz’s business and to eliminate any potential future risks at an early stage, which will involve a shift towards a leaner structure through a fundamental business reform focused on restructuring the advertising business (approximately 40% headcount reduction),” the company said in a statement.
Quartz’s paid subscription business, launched after the acquisition by Uzabase, continues to show steady growth, and Uzabase intends to focus on expanding it further.
A message to a Quartz spokeswoman was not immediately returned.
The company’s statement is here.
