Univision Communication said it sold Gizmodo Media Group and The Onion to Great Hill Partners.
The companies were part of the Spanish-language media company’s effort to diversify into digital assets.
Financial terms were not disclosed, but Record reported that the prices was less than $50 million. Univision paid $135 million in 2016 for the websites.
“Today’s announcement is the culmination of a very thorough process, as part of Univision’s broader strategic realignment and return to its core strengths in Hispanic media and marketing,” said Univision CEO Vince Sadusky, who joined the company last year after the digital assets were acquired. “Our aim from the outset of this process was to sell these assets as one, and we are pleased to have found a terrific buyer in Great Hill Partners that is committed to growing these properties. We are grateful to our colleagues at GMG and The Onion for all of their high-quality journalism and achievements as part of our company and we wish them and Great Hill Partners tremendous success.”
The Gizmodo Media Group 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.
Gizmodo and the Onion will become part of a new company, G/O Media.
“This opportunity comes at a time when the entire digital media category is beginning to be recognized again for its unique ability to meet the diverse content and delivery needs of consumers and advertisers,” said digital content industry veteran Jim Spanfeller, who will lead G/O Media Inc. “As the largest player in our space, G/O Media is in an ideal position to capitalize on this dynamic, and I am excited to collaborate with a great team that boasts an incredible track record to further expand our reach, add value to our advertisers and enrich our visitors’ lives.”
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.
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