Gizmodo Owner G/O Media Acquires Struggling Business News Site Quartz

G/O Media, the New York-based mostly media organization whose titles contain Gizmodo, Deadspin and Gawker, on Thursday announced the acquisition of having difficulties 10-calendar year-outdated enterprise news web page Quartz. Terms of the deal had been not disclosed.

Zach Seward, a Quartz co-founder and the present CEO, will join G/O Media as common manager and editor in main of Quartz after the deal turns into official. Katherine Bell, Quartz’s editor in chief because January 2020, will continue as an adviser to Quartz.

In a memo to Quartz’s around 50 newsroom staffers, Seward stated there were no layoffs expected in the wake of the sale — and that “all present employees of Quartz who do occur together will be eligible for offer bonuses from the proceeds of the sale, totaling much more than $1 million.”

Quartz, which was launched in 2012 to focus on business enterprise executives aged 25-45, has struggled in current decades with shifts in the electronic media room.

Underneath the G/O Media banner, it will be a part of a roster of titles that involves the tech web page Gizmodo, the entertainment web page The A.V. Club, the sporting activities news outlet Deadspin, the women-centric Jezebel, the car or truck tradition website Jalopnik, the gaming-oriented gaming Kotaku), the satirical The Onion and Black news and lifestyle web site TheRoot.

“Acquiring Quartz adds to our by now unparalleled portfolio of web-sites that are beloved by audience and embraced by advertisers,” G/O Media CEO Jim Spanfeller stated in a assertion. “The electronic business enterprise information place is an place ripe for expenditure and synergies with our other G/O Media websites. Quartz’s determination to excellent and mission-pushed journalism embodies the values espoused in all of our manufacturers, and I glance forward to working with the gifted Quartz workforce to grow the enterprise to new degrees of results.”

The acquisition has come amid a consolidation wave in the digital media house with the latest mergers of Vox Media and Group Nine Media BuzzFeed with Intricate Networks (and, ahead of that, HuffPost) and Vice Media with Refinery29.