Quartz is on the block again just two years after a Japanese news aggregation and media company agreed to buy the struggling financial news site from Atlantic Media.
At the time of the July 2018 sale, the sale price for the cash and stock deal was pegged at up to $110 million — depending on revenue over the next year. The Wall Street Journal, which first reported the site was on the block again, said Tokyo-based Uzabase ultimately ended up paying $86 million as sales sagged.
Quartz declined to comment on the report. The company has been under intense pressure as the advertising market evaporated with the onslaught of the coronavirus pandemic.
Even before the pandemic, pressure was mounting on the eight-year-old financial news operation. In May 2019, the company imposed deep cuts, laying off 80 people, or 40 percent of its staff, after it said business dropped by 54