Tokyo/New York, 2nd July: Tokyo-based media company, Uzabase, has announced its plans to acquire Quartz for between US$75 million and US$110 million, depending on Quartz’s financial performance in 2018.
Founding editor-in-chief Kevin J. Delaney and publisher Jay Lauf will be co-CEOs of Quartz, reporting to Yusuke Umeda, one of Uzabase’s founders. According to management, the sale of Quartz will enable the company to expand its global footprint.
Launched in 2012, Quartz has a team of 215, including 100 journalists operating around the worldwide. According to the company, more than 20 million people access Quartz’s content each month through its sites, apps, newsletters and videos. In 2016, the company reported revenues of over US$30 million with a profit of more than US$1 million. Almost all revenues were generated from advertising activities and the company expects its revenues to increase by between 25% and 35% this year.