×

Univision Says It’s Exploring Sale of Former Gawker Sites and The Onion

Univision Communications is officially looking to unload the Gizmodo Media Group — which mostly comprises the sites it acquired in the bankruptcy auction of Gawker Media — and its stake in comedy and entertainment publisher The Onion.

The Hispanic media company said Tuesday that it has initiated a formal process to explore the sale of the Gizmodo Media Group (GMG) and The Onion, in which Univision owns a controlling stake.

“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.

The GMG digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther and Jalopnik and The Onion portfolio includes, The Onion, Clickhole, The A.V. Club and The Takeout.

In August of 2016, Univision paid $135 million for the Gawker assets in a bankruptcy auction,which didn’t include the currently dormant Gawker.com. Univision acquired a 40% stake in The Onion in January 2017.

Last week, the Wall Street Journal had reported that Univision was seeking a buyer for Fusion Media Group, which includes GMG and The Onion.

The proposed sale of Gizmodo Media Group and The Onion stake comes after Univision pulled its plans for an initial public offering this past March. CEO Randy Falco announced he would be retiring a day later. Univision is now led by broadcast-TV veteran Vince Sadusky, who took the helm June 1.

Gizmodo Media Group CEO Raju Narisetti left the company this spring, after the ex-News Corp exec had spent about a year and a half with Univision. Also leaving the company were Fusion Media Group CEO Felipe Holguin and president and chief content officer Daniel Eilemberg.

In its announcement Tuesday, Univision said it has engaged Morgan Stanley as financial adviser to assist in the sales process of GMG and The Onion.

More Digital

  • Jeff Bezos

    Jeff Bezos Forms $10 Billion Fund to Fight Climate Change

    Multi-billionaire Jeff Bezos, the world’s wealthiest person, announced a $10 billion fund to invest in projects that will combat the alarming trend of climate change. The Amazon founder and CEO announced the formation of the Bezos Earth Fund in an Instagram post Monday (Feb. 17).⁣⁣⁣ According to Bezos, the fund will begin issuing grants this [...]

  • Jake Paul

    YouTuber Jake Paul Launches Entrepreneur How-To Platform, Financial Freedom Movement

    YouTuber Jake Paul wants you to be financially free, for $19.99 a month.  At a rally on Saturday, the content creator — along with influencer friends and around 50 teenage and tween-age fans, some chaperoned by parents — launched the Financial Freedom Movement (FFM) in partnership with GenZ Holdings Inc., a Los Angeles-based brand development [...]

  • HQ Trivia

    HQ Trivia Live Game App Shuts Down

    After a two and a half years, HQ Trivia — the live game-show app that gave away cash prizes to winners — is shutting down. HQ Trivia’s move to shut its doors was first reported by CNN. The company is laying off its 25 full-time staffers, according to the report. In a tweet Friday, CEO [...]

  • Golden Mics - The Podcast Academy

    The Oscars of Podcasting? First 'Golden Mics' Awards to Debut in 2021

    The burgeoning podcast biz is looking for its own version of the Oscars, Emmys and Grammys. On Friday, a group of podcast publishers and producers including Spotify, NPR, PRX, Sony Music Entertainment and Wondery announced the formation of the Podcast Academy, a membership-based organization dedicated to promoting the medium. As part of its charter, the [...]

  • Mike Bloomberg

    Mike Bloomberg's Odd Meme Blitz Spurs Instagram to Require Influencers to Disclose Paid Political Content

    A new paid meme campaign on Instagram by billionaire Mike Bloomberg, who’s running a guerrilla bid for the 2020 Democratic presidential nomination, has prompted Facebook to clarify that influencers on the platform must disclose such arrangements. This week, Bloomberg’s presidential campaign launched a broad campaign across at least 19 top Instagram accounts with a collective [...]

More From Our Brands

Access exclusive content