Univision Communications said it has begun to explore the sale of Gizmodo Media Group and The Onion, confirming earlier published reports.
Univision acquired Gizmodo—originally part of Gawker Media—and The Onion as part of an effort to diversify and build up its digital assets. Since then, the company’s efforts to post an initial public offering was thwarted and it changed CEOs.
“The Company determined that pursuing a sale of GMG and The Onion collectively will allow UCI to focus on its core assets and further strengthen UCI’s position as the No. 1 media company serving U.S. Hispanics, while enabling both GMG and The Onion even greater opportunities to grow under new ownership,” Univision said in a statement.
There is no assurance that the process to explore the sale of these assets will result in any transaction or the adoption of any other strategic alternative, the company added.
UCI engaged Morgan Stanley as financial advisor to assist in the process.
The GMG digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther and Jalopnik. The Onion portfolio includes, The Onion, Clickhole, The A.V. Club and The Takeout.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.