Quartz co-founder and editor have agreed to buy the economic news website of Japanese financial data and media firm Uzabase Inc., a deal that comes as Quartz has suffered the economic fallout from the pandemic. coronavirus.
Uzabase said the site would be sold to Quartz co-founder and CEO Zach Seward in a management buyout that would make it private again. Editor-in-chief Katherine Bell will take a minority stake. Terms of the deal were not disclosed.
The company said the site would seek new investors. As part of the deal, Uzabase CEO Yusuke Umeda will provide a personal loan to Quartz, “demonstrating its continued belief in the value of the Quartz business,” Uzabase said.
Uzabase acquired Quartz in mid-2018 for around $ 86 million, but saw its revenue drop significantly as companies tried to reposition the site as a subscription business. That, combined with the effects of the pandemic, led to the publicly traded Uzabase seeking to pull out of the business, the Wall Street Journal reported last month.
Founded in 2012 by Atlantic Media, Quartz has traditionally covered business through a global lens. He has created international editions including Quartz Africa and Quartz India. In total, the site employs around 110 people in the United States, United Kingdom, Hong Kong, India and Africa. Earlier this year, Quartz cut about 80 positions. In 2019, U.S. staff at the site voted to unionize and continue to negotiate a contract with the company.