- Quartz has been sold to a Japanese media firm, Uzabase in a deal worth $110 million.
The business and tech news organization owned by Atlantic Media, Quartz, has been sold to a Japanese media firm, Uzabase in a deal worth $110 million.
Uzabase, founded by two former UBS investment bankers and a technology consultant, will have to pay between $75 million and $110 million within the next 30 days. The payment will largely depend on the Quartz’s financial performance for the remainder of 2018.
According to Quartz parent Atlantic Media, the founding editor-in-chief, Kevin J. Delaney and publisher Jay Lauf will be co-CEOs of Quartz. Both of them will report to Yusuke Umeda, one of Uzabase’s founders.
Delaney and Lauf in a memo to the employees on Monday, July 2, 2018, said the Japanese company is “turning to Quartz to drive its expansion outside of Asia, with a particular eye on subscription offerings.”
“Many things will remain unchanged following the completion of this acquisition. Quartz will continue to operate without interruption, and we’ll continue to offer all of our products—QZ.com, emails, apps, bots, and Atlas - as before. Our leadership team will also stay the same.”
They added that “We expect the biggest source of growth in Quartz’s next chapter will come from reader revenue.”
Why David Bradley sold Quartz to Uzabase
David Bradley said his decision to sell came years earlier than anticipated. He said more serious conversation about a potential acquisition ensued in March 2018 after Uzabase reached out to newsroom leadership last fall.
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“Yusuke is a pure entrepreneur, an original creator of huge-and global-ambition,” Bradley wrote.
“[He] and his colleagues want to retain the Quartz name and our editorial team as the foundation in building what he called, with me, ‘the leading global business news brand in the world.'”
Bradley said he will continue his involvement with Quartz as an advisor and minority shareholder.
No staff affected
The company said no layoffs are planned as part of the acquisition.
Since its launch in 2012, Quartz has expanded to 215 staffers, including 100 journalists who operate around the world, including at its headquarters in New York.
In 2015, it launched Quartz Africa with operations in Kenya, Nigeria and South Africa.
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