Japanese company Uzabase is looking for a buyer for business news site Quartz. Uzabase is expected to accept significantly less than the $86b in cash and stock it paid to acquire Quartz in 2018 from Atlantic Media. Revenue for the site has been declining for years. In 2016, AdAge reported Quartz was nearing $30m in revenue. Revenue was only $5m in the first half of 2020.
- Quartz lost significant revenue as it sought to transition from a primarily ad-based model to a subscription model.
- It said this year it had ~21,000 paying subscribers, for $1.9m in revenue.
- Uzabase owns a number of Japanese publications that also operate on a subscription model.
The front page of Quartz, still seeking more paying subscribers.