Vincent Sadusky Univision
Univision Communications Inc. announced that it has completed the sale of assets comprising Gizmodo Media Group (GMG) and The Onion to Great Hill Partners.
Great Hill Partners became the owner of these assets immediately upon the completion and signing of the deal. GMG and The Onion will form a new company named G/O Media Inc., which will operate as independent assets within the Great Hill Partners portfolio.
Terms of the transaction were not disclosed.
The sale of GMG and The Onion is part of Univision’s go-forward strategy to focus on its core Hispanic media assets and strengthen its position as the No. 1 media company serving U.S. Hispanics while enabling both GMG and The Onion to capitalize on new opportunities for growth under the ownership of Great Hill Partners.
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.
“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 Vince Sadusky, CEO of Univision. “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.”
“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,” said digital content industry veteran Jim Spanfeller, who will lead G/O Media Inc.
Morgan Stanley & Co. LLC served as financial advisor to Univision in connection with the sale.
