Japanese-based media company Uzabase agreed to acquire Quartz, the business news website created and owned by Atlantic Media, to grow its global reach.
Depending on Quartz’s performance in 2018, the deal will value the news organization, headquartered in New York City, between $75 and $110 million. The deal is expected to close within 30 days, according to a joint announcement from the companies.
Under the arrangement, Quartz will oversee the English-language version of Uzabase’s NewsPicks, its subscription news outlet.
NewsPicks founder and CEO Yusuke Umeda said in a statement that when he first heard of Quartz five years ago, it played a “big role” in inspiring him to launch NewsPicks due to their combination of “quality journalism with mobile technology,” adding that he’s “very excited to enter the next chapter of NewsPicks’s growth with a company and team that I respect so much.”
NewsPicks launched last year as a joint venture with Dow Jones.
Founded in 2012, Quartz employs more than 200 staffers throughout the world, with more than 100 journalists in offices that include London, Hong Kong, San Francisco, Washington D.C. and Chicago. Quartz will retain its name and keep these offices, according to the announcement.
Quartz had more 12 million unique visitors on desktop and mobile in May, according to ComScore.
Quartz recently made waves when it released a chatbot at South by Southwest where users could interact and chat with the bot on Facebook’s Messenger. This year, the news organization is expected to grow revenue by 25 to 35 percent compared to last year, according to the announcement.
At Quartz, current co-president and editor in chief Kevin J. Delaney, as well as co-president and publisher Jay Lauf, will become co-CEOS of Quartz, reporting to Umeda.
There are no layoffs planned as part of the acquisition, Delaney and Lauf told staff members in an email.
“We’re excited by where this process is taking us, and [we] trust you, our readers and our advertisers will embrace this change as well. In our first five years, Quartz has shaped our industry in so many ways. We intend to be no less ambitious in the years ahead,” they wrote.