Gizmodo publisher G/O Media Inc is acquiring Quartz, the business news web-site mentioned in an inside memo on Thursday, the hottest in a sequence of consolidations in digital media.
Money terms of the deal were being not disclosed in the memo from Quartz Chief Executive Zach Seward.
The deal comes as publications wrestle to improve profits amid a fierce battle for promoting pounds with internet large-weights Meta Platforms Inc and Alphabet Inc.
Great Hill Partners-owned G/O Media will be the 3rd proprietor of Quartz, which was launched in 2012. It was obtained by Tokyo-listed economic facts agency Uzabase in 2018 right before staying taken non-public by Seward two years later.
“G/O, meanwhile, will enable us get to a great deal additional men and women across its community and unlock new income streams that we couldn’t on our own. And we will make this combination without the need of any reduction in careers,” Seward claimed in the memo to staff.
Quartz produced US$11.1 million in revenue in 2021, down from US$12.3 million in the previous yr, according to the New York Occasions, which to start with described the offer on Thursday.
Falling revenue has pressured media companies to be part of arms or uncover new plush house owners.
Past yr, Verizon Inc marketed its media properties, together with TechCrunch, Yahoo Finance and Engadget, to non-public fairness business Apollo International Administration, and Vox Media merged with Team Nine Media.