NEW YORK (AP) — Private equity firm Great Hill Partners confirmed to the media on Monday that it has acquired the Gizmodo Media Group (GMG) and The Onion from the Spanish-language broadcaster Univision Communications Inc. Terms were not disclosed.
The Spanish-language broadcaster bought much of what was then known as Gawker Media for $135 million in 2016 after the gossipy, confrontational media company lost a privacy suit against Hulk Hogan.
At the time, Univision was investing in English-language digital sites aimed at young people. It had bought The Onion in January 2016 and African-American news site The Root in 2015.
But the strategy didn't turn out well. The sites were not profitable and Univision, based in New York, put them up for sale last summer.
Great Hill says the it's calling the media company "G/O Media" and says James Spanfeller, former Forbes.com CEO, will lead the company.
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