“After selling most of the Atlantic to Emerson collective, I thought we would start looking for a quartz buyer a few years ago. “In fact, all of this – my partnership with Emerson in the Atlantic and the sale of quartz – is several years Faster than I thought,” says David Bradley.
Atlantic media said on Monday it was selling its Quartz business news platform to Uzabase, a Japanese business intelligence and media company worth nearly $1bn.
The deal is expected to be completed within 30 days and will be worth between $75 million and $110 million, depending on Quartz’s financial performance for the rest of the calendar year, according to the announcement.
Quartz’s sale is the latest spin-off of David Bradley, chairman and owner of Atlantic Media. Bradley announced a year ago that he had sold a majority stake in Atlantic magazine to Emerson collective, which is controlled by lauren Powell jobs.
Bradley described a family Christmas trip to Beirut a few years ago to help him decide to unload his media empire.
“Everyone works their way and by the age of 70, we will be depriving our media assets,” Bradley, 65, said in a memo. “For me, for journalism, it’s going to be 25 years.”
He began selling a majority stake in the Atlantic in 2017. Bradley also sold its watergate headquarters to the Washington real estate investment trust for $135 million last year, now quartz.
“I think it’s easy,” said John fox Sullivan, Bradley’s senior director for the long-term chair of the national journal. He left day-to-day operations in the 2010 publication. “David was a great success. His children are not Interested in it, so he hopes to phase it out. He seems to be spinning off these properties to really good buyers. It’s one thing to want to sell something. The other thing you want is a lot of money. I’m sure he The new owners of quartz to make sure they had some value in the way they approached the news and the people.
He national daily remodeled into a variety of shameless property, help customers to establish a Washington power company roadmap, analysis of executive Orders and legislation, and provide with Washington effects the reputation of the company.
[Jeff Zients has been with Obama for a long time – now he’s invested a lot of time.]
“In most parts of the Atlantic to sell to Emerson collective company, I thought a few years before we started looking for quartz buyers,” Bradley said in a memo for quartz staff on Monday. Atlantic magazine and quartz were sold “several years faster than I expected,” he said.
Bradley and his wife Catherine are also investors in Axios, a news company founded by Washington journalists Mike Allen and Jim VandeHei.
Last fall, Mr. Bradley said, Mr. Uzabase, based in Tokyo, approached Quartz editor Kevin Delaney about a content partnership and talked about buying.
As part of the deal, Quartz will be in charge of NewsPicks, a subscription business news service, and the core business of Uzabase.
Uzabase said it planned to combine Quartz’s editorial and advertising products with Uzabase data and “create a bigger, stronger global business brand” through paid content.
Yusuke Umeda, 37, chief executive of Uzabase, who lives in New York City, said he had been watching Quartz for five years and that the success of combining “quality journalism with mobile technology” had inspired him to launch NewsPicks.
“After a career in management consulting and finance, I started Uzabase in 2008 with the vision of creating a truly unique global business intelligence and media company,” Mr. Meida wrote on his blog. “Before NewsPicks, the company had only one product, SPEEDA, a business and marketing information platform. This B2B business is growing rapidly, and after several years of effort, I’ve decided to create a NewsPicks for consumers. At that time, quartz was a good inspiration to me.
Quartz executives said in a memo that the two companies had a lot in common.
“It is obviously that we have a complementary audience and business model, and we have similar ambitions and values,” Delaney and publishers Jay Lauf said in a memo for quartz staff. “After several meetings with us on the content partnership, Yusuke asked David Bradley aboutsetting Quartz and Uzabase. The discussion begins there.”