Univision Communications reached a deal to sell Gizmodo Media Group and The Onion to private-equity firm Great Hill Partners for an undisclosed amount.
With the sale, Great Hill will form a new company called G/O Media Inc., headed by digital content industry vet Jim Spanfeller, who also will be a “significant investor” in the company. The sale puts an end to Univision’s bid — under then-ceo Randy Falco — to diversify beyond its Hispanic broadcasting core business into what it had hoped would be a fast-growing, young-skewing mass digital play.
Terms of the all-cash deal weren’t disclosed. According to person familiar with the deal, Great Hill is paying considerably less than the $135 million that Univision paid in August 2016 for the Gawker assets in a bankruptcy auction, (which didn’t include Gawker.com). Univision acquired a 40% stake in The Onion in January 2017.
The brands moving from Univision to G/O...
With the sale, Great Hill will form a new company called G/O Media Inc., headed by digital content industry vet Jim Spanfeller, who also will be a “significant investor” in the company. The sale puts an end to Univision’s bid — under then-ceo Randy Falco — to diversify beyond its Hispanic broadcasting core business into what it had hoped would be a fast-growing, young-skewing mass digital play.
Terms of the all-cash deal weren’t disclosed. According to person familiar with the deal, Great Hill is paying considerably less than the $135 million that Univision paid in August 2016 for the Gawker assets in a bankruptcy auction, (which didn’t include Gawker.com). Univision acquired a 40% stake in The Onion in January 2017.
The brands moving from Univision to G/O...
- 4/8/2019
- by Todd Spangler
- Variety Film + TV
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