Publisher Gizmodo G/O Media acquires business news site Quartz

April 28 (Reuters) – Gizmodo publisher G/O Media Inc is acquiring Quartz, the business news site said in an internal memo on Thursday, the latest in a series of digital media consolidations.

Financial terms of the deal were not disclosed in the memo from Quartz chief executive Zach Seward.

The deal comes as the publications struggle to boost revenue amid a tug of war for advertising dollars with internet heavyweights Meta Platforms Inc (FB.O) and Alphabet Inc (GOOGL.O).

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G/O Media, owned by Great Hill Partners, will be the third owner of Quartz, which was founded in 2012. It was acquired by Tokyo-listed financial data firm Uzabase in 2018 before being taken private by Seward two years later.

“G/O, meanwhile, will help us reach many more people on its network and unlock new revenue streams than we could on our own. And we’ll do that combination without any job cuts,” Seward said in the memo. to staff.

Quartz generated $11.1 million in revenue in 2021, up from $12.3 million the previous year, according to The New York Times, which first reported the deal on Thursday.

Falling revenue has prompted media companies to join hands or find new owners of the plushies.

Last year, Verizon Inc (VZ.N) sold its media properties, including TechCrunch, Yahoo Finance and Engadget, to private equity firm Apollo Global Management (APO.N), and Vox Media merged with Group Nine Media.

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Reporting by Yuvraj Malik and Eva Mathews in Bengaluru; Editing by Maju Samuel

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