Atlantic Media Inc. has agreed to sell its global business news site Quartz Media LLC to Uzabase Inc., a Japanese business intelligence and media company.
Uzabase will pay between $75 million and $110 million for Quartz, depending on the achievement of future financial and operating performance goals in 2018, according to a July 2 news release.
As part of the transaction, Quartz will take over responsibility for the English-language version of subscription business news platform NewsPicks Inc. which is one of Uzabase's two core businesses, along with SPEEDA, a financial business intelligence service.
Quartz will retain its name and brand. It will also continue operating in its headquarters in New York and maintain its international offices.
Atlantic Media will continue to offer Quartz corporate support through a transition period of at least 12 months after the acquisition, with Atlantic Media Chairman and Owner David Bradley to continue working with the company as a senior adviser and shareholder.
Quartz's current co-President and Editor-in-Chief Kevin Delaney and Jay Lauf, co-president and publisher, will become co-CEOs of the acquired Quartz and will report to Uzabase and NewsPicks founder and CEO Yusuke Umeda.
Joy Robins, Quartz's chief revenue officer, and Zach Seward, chief product officer and executive editor, will maintain their current leadership roles.
The partnership will also help accelerate NewsPicks' expansion into English-language markets in the U.S. and Europe.
The transaction is expected to close within the next 30 days.
Evercore Partners and Ropes & Gray served as advisers to Atlantic Media, while GCA and Shearman & Sterling advised Uzabase.