DORAL, FLA. — Four days ago, The Wall Street Journal reported that Univision Communications is exploring the sale of Fusion Media Group.
Just after Tuesday’s Closing Bell on Wall Street, following a day where Univision declined to comment to RBR+TVBR on the Journal report, Univision finally commented on the story.
Gizmodo and The Onion are on the block.
In a brief announcement, the Hispanic-targeted media company that sought to widen its portfolio via millennial-targeted, English-language new media properties confirmed that it has initiated a formal process to explore the sale of the assets comprising the Gizmodo Media Group (GMG) and satirical publication The Onion.
Pursuing a sale of GMG and The Onion collectively “will allow UCI to focus on its core assets and further strengthen UCI’s position as the No. 1 media company serving U.S. Hispanics, while enabling both GMG and The Onion even greater opportunities to grow under new ownership,” Univision claimed.
The GMG digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther and Jalopnik; The Onion portfolio includes Clickhole, The A.V. Club and The Takeout.
There was no mention of Fusion, the English-language entity that was originally launched in partnership with The Walt Disney Company.
Further, Univision warned that there was “no assurance” that the process to explore the sale of the Gizmodo and Onion assets will result in any transaction “or the adoption of any other strategic alternative.”
Univision has engaged Morgan Stanley as the financial advisor to assist in the process.