Univision Announces Sale of Gizmodo Media Group and The Onion to Great Hill Partners
MIAMI & BOSTON--(BUSINESS WIRE)--Apr 8, 2019--Univision Communications Inc. today announced that it has completed the sale of assets comprising Gizmodo Media Group (GMG) and The Onion to Great Hill Partners, a leading growth-oriented private equity firm. 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, Chief Executive Officer 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. 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.”
“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.”
Morgan Stanley & Co. LLC served as financial advisor to Univision in connection with the sale.
About Univision Communications Inc.
Univision is the leading media company serving Hispanic America. The company’s broadcast assets include Univision Network, one of the top television networks in the U.S. regardless of language and the most-watched Spanish-language broadcast network in the country; UniMás, a leading Spanish-language broadcast television network; and Univision Local Media, which owns and/or operates 65 television stations and 58 radio stations in major U.S. Hispanic markets and Puerto Rico. Univision Cable Networks consists of Univision Deportes Network (UDN), the most-watched Spanish-language sports cable network in the U.S. ; Galavisión, the most-watched U.S. Spanish-language entertainment cable network; Univision tlnovelas, a 24-hour Spanish-language cable network dedicated to telenovelas; ForoTV, a 24-hour Spanish-language cable network dedicated to international news; and an additional suite of cable offerings – De Película, De Película Clásico, Bandamax, Telehit and Telehit Urbano. Univision’s cable portfolio also includes FUSION TV, an English-language news and lifestyle cable network; and an investment in El Rey Network, a general entertainment English-language cable network. The company also owns and operates several premier digital destinations including Univision Now, a direct-to-consumer, on-demand and live streaming subscription service; Univision.com, the most-visited Spanish-language website among U.S. Hispanics; and Uforia, a digital music application featuring multimedia music content. For more information, please visit corporate.univision.com.
About Great Hill Partners
Great Hill Partners is a private equity firm that has raised over $5 billion in commitments since inception to finance the expansion, recapitalization, or acquisition of growth companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.
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KEYWORD: UNITED STATES NORTH AMERICA FLORIDA MASSACHUSETTS
INDUSTRY KEYWORD: ENTERTAINMENT TV AND RADIO
SOURCE: Univision Communications Inc.
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PUB: 04/08/2019 09:44 AM/DISC: 04/08/2019 09:44 AM