Quartz, a nontraditional business-news startup founded by Atlantic Media nearly six years ago, is getting a new parent: Japan’s Uzabas.
The Japanese financial intelligence and media firm, a relative unknown in the U. S., will pay between $75 million and $110 million for Quartz in cash and stock, tied to the site hitting certain financial goals. The deal will strengthen Uzabase’s U. S. foothold as it seeks growth outside Asia.
The sale price is welcome news for a digital media industry that has seen some unfavorable exits in recent months. For instance, Mashable sold for about $50 million late last year, a fraction of its 2016 valuation of about $250 million.
Quartz, which has 215 employees and reached 12 million U. S. readers in May, according to comScore, built a following with its nontraditional approach to business-news coverage.
