The Wall Street Journal: Business news site Quartz bought by G/O Media

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G/O Media, which operates online properties such as Deadspin, Gizmodo and Jezebel, is acquiring online business news site Quartz, marking another move in the consolidating digital-media landscape. 

Representatives from G/O Media and Quartz declined to disclose the deal price. 

Zach Seward, the chief executive at Quartz, will stay at the company as its editor in chief. There will be no staff cuts due to the sale, he said in a letter to employees. The Quartz newsroom will remain independent and focused on global business news and analysis, he said.

“Joining a larger firm will provide more resources for our most strapped teams at Quartz and more opportunities for career growth across the new company,” Seward said in the letter. 

The deal is part of a wave of consolidation in media. In the past year, IAC/InterActiveCorp.’s IAC, +2.56% Dotdash acquired magazine giant Meredith, Vox Media acquired Group Nine Media and BuzzFeed Inc. BZFD, +3.09% went public via a special-purpose-acquisition company in an effort to raise money to fund deals. 

An expanded version of this report appears on WSJ.com.

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This article was originally published by Marketwatch.com. Read the original article here.

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