Japan’s news company Uzabase will buy Quartz, business news website owned by Atlantic Media. The deal is worth $110 million according to Nikkei Asian Review.
According to the report, the Tokyo based company will provide 4% of its stock and $50 million in cash for Quartz on July 31, and later it will pay additional $35 million, depending on Quartz’s performance during the rest of 2018.
Quartz launched in 2012 and operates editions in Africa and India. It is a free digital news publication targeting high-earning readers. 60% of its readers access the site via mobile devices, and 40% of its readers are outside the United States.
In August 2017, Quartz’s website saw more than 22 million unique visitors with more than than 700,000 people subscribing to its roster of email newsletters.
According to AdAge, Quartz made around $30 million in revenue in 2016, and employed 175 people. Harvard’s Nieman Lab recently described Quartz as “among the fastest-growing and most closely watched digital news sites”.