Univision Communications said it made an investment in the company that owns The Onion, the comedy and news satire site.
Terms of the deal were not disclosed. One published report said Univision obtained a 40% stake in Onion Inc.
The Onion will operate independently to maintain its editorial voice, while Univision will leverage its distribution and resources to expand the site’s exposure.
“Comedy is playing an expanding role in our culture as a vehicle for audiences to explore, debate, and understand the important ideas of our time,” said Isaac Lee, chief news and digital officer of Univision and CEO of Fusion.
“It has also proven to be an incredibly engaging format for millennial audiences, and is expected to play a key part in the 2016 presidential election process via our robust content offerings in Spanish and English. The Onion has been, and continues to be, a leading force of this phenomenon of intellectual, social, cultural and satirical commentary online. As we did with the acquisition of The Root in 2015, with Onion Inc. we are expanding our role as a go-to source for digitally-connected, diverse audiences. Including Onion Inc. as part of our portfolio is a great fit for and a significant step forward in our digital strategy as we continue to expand the ways we entertain and inform millennial and multicultural audiences,” Lee said.
Univision Digital will work with Onion Inc.’s brands to explore new content opportunities, including short- and long-form formats for each Onion brand across digital and linear mediums.
“Onion Inc. has remained successful by putting editorial first. We're excited to partner with Univision, a company that understands and appreciates that foundation, and that can provide additional resources, expertise, and opportunity for our talented staff,” said Mike McAvoy, president and chief executive officer at Onion Inc.
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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.