Gizmodo publisher G/O Media Inc is getting Quartz, the organization information web page stated in an internal memo on Thursday, the most recent in a sequence of consolidations in digital media.
Money terms of the deal ended up not disclosed in the memo from Quartz Main Executive Zach Seward.
The deal arrives as publications struggle to grow income amid a intense struggle for promoting dollars with online weighty-weights Meta Platforms Inc and Alphabet Inc.
Excellent Hill Partners-owned G/O Media will be the third operator of Quartz, which was established in 2012. It was acquired by Tokyo-outlined economical knowledge agency Uzabase in 2018 just before becoming taken private by Seward two many years later.
“G/O, in the meantime, will support us attain a large amount more men and women throughout its community and unlock new profits streams that we couldn’t on our own. And we will make this mix devoid of any reduction in work,” Seward claimed in the memo to staff members.
Quartz produced US$11.1 million in earnings in 2021, down from US$12.3 million in the prior 12 months, according to the New York Times, which very first described the deal on Thursday.
Falling income has pressured media companies to sign up for palms or find new plush owners.
Past yr, Verizon Inc bought its media properties, which include TechCrunch, Yahoo Finance and Engadget, to personal fairness company Apollo International Management, and Vox Media merged with Group 9 Media.