Why Quartz’s management decided to buy the financial news site

Peter Kafka of Recode spoke with Zach Seward, the CEO of Quartz, about why he and others have purchased the financial news site.

Seward is seeking additional investors in Quartz. He told Kafka that the pitch is that Quartz has a strong brand with a dedicated, loyal audience that is interested in global business news.

He noted that subscription revenue being equal to advertising revenue at Quartz is still at least five years away. Its previous owner, Uzabase, was trying to create a community of readers that Seward said “didn’t work as well as it hoped.” And then the pandemic occurred, which caused Uzabase to reassess its ownership.

“There was interest from a number of parties, and somewhere in the middle of that, [Quartz editor in chief] Katherine [Bell] and I raised our hand,” said Seward.

“I love Quartz and I believe deeply in what we’re trying to do here,” said Seward.

“A publication has to stand for something if you’re going to ask readers to come along for the journey,” said Seward .”…In Quartz’s case, it stands for making business better.”

To listen, go here.