PE-Backed Gizmodo Snags Quartz News Site
Posted on 04/28/2022
G/O Media (formerly Gizmodo Media Group) acquired Quartz, a New York-based business news site, from its co-founder and CEO Zach Seward. Quartz has exchanged hands multiple times in the past few years.
Quartz was incubated at The Atlantic Media company in 2012. In 2018, Quartz was sold to Uzabase, a Japanese business data and news firm, for US$ 86 million. In November 2020, Uzabase sold Quartz to the site’s CEO and staff.
P&L
Quartz turned a profit in 2016, earning more than US$ 1 million on over US$ 30 million in revenue. Quartz was reporting a loss of US$ 18.4 million on revenue of US$ 26.4 million in 2019.
In 2019, Gizmodo Media Group was acquired by Great Hill Partners for reportedly for less than US$ 50 million.
