(Bloomberg) -- Univision Holdings Inc. is considering selling Gizmodo Media Group and the Onion, a retreat from English-language websites in favor of media aimed at Hispanic Americans.
The company has begun a formal process to explore a sale of the properties, such as Gizmodo, Jezebel, Deadspin and Lifehacker, according to a statement Tuesday. Univision’s satirical Onion portfolio includes its namesake site, along with Clickhole, the A.V. Club and other brands.
Bloomberg and other news organization reported last week that a possible sale was in the works. Univision acquired many of the sites when it bought Gawker Media for $135 million in a 2016 bankruptcy auction. But the company’s push beyond Latino-oriented content has been rocky. It began offering Gizmodo Media workers buyout packages last month, aiming to reduce its editorial employee budget by 15 percent, a person familiar with the matter said at the time.
Univision tapped Morgan Stanley as a financial adviser to help ponder the sale. The move would let it refocus on “core assets,” helping shore up the company’s position as the No. 1 media provider for Hispanics in the U.S., according to the statement.
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