TOKYO: Japanese media company Uzabase Inc said it is has agreed to buy business news website Quartz from US peer Atlantic Media in a deal valued at US$75mil to US$110mil.
The value of the deal will depend on Quartz reaching financial targets, Uzabase said in a statement.
The purchase will accelerate an overseas push by Uzabase, owner of popular Japanese news aggregator NewsPicks, which selects the day’s top stories and allows comments from users which include well-known chief executives.
NewsPicks launched a US version of its website last year as a joint venture with Dow Jones, a subsidiary of News Corp .
NewsPicks’ English-language business will in future be run by Quartz, Uzabase said. Quartz has grown rapidly since its founding in 2012 by tapping into an international and mobile-savvy audience with bite-size business stories. Over 20 million people access Quartz each month, with half its audience outside the US.
The overseas expansion is the latest by a Japanese media company.
In 2015, Japanese media group Nikkei agreed to buy Britain’s Financial Times for US$1.3bil. — Reuters
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