Univision sells Gizmodo Media Group and The Onion to Great Hill Partners

Univision Communications has sold Gizmodo Media Group and The Onion to private equity outfit Great Hill Partner.

The assets will be combined to form a new company called G/O Media Inc. led by one of its major shareholders, James Spanfeller.

Financial terms were not disclosed, but Record reported the transaction value at less than $50m, a significantly smaller sum than the $135m Univision paid for the services in 2016.

G/O Media brands reach over a third of Americans each month (100m visitors), capturing the attention of young people by means of a diverse range of influencers, alongside content that reflects their values and passions.

Its category-leading sites include some focused on technology (Gizmodo), car culture (Jalopnik), modern women’s interests (Jezebel), sports (Deadspin), life tips and hacks (Lifehacker), gaming (Kotaku), African American news and culture (The Root), and The Onion, which includes The A.V. Club and ClickHole.

“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 Spanfeller.

“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. G/O Media is already the leader among digital media companies speaking to the 10-to-34 year-old market, and we are confident and excited to see that lead expand.”