Univision Sells Gizmodo And The Onion To Private-equity Firm Great Hill Partners

(RTTNews) - Univision Communications Inc. (UVN) said that it has completed the sale of assets comprising Gizmodo Media Group or GMG and The Onion to private equity firm Great Hill Partners. Terms of the transaction were not disclosed.

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.

Univision noted that 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.