Univision Confirms It's Considering Sale of English-Language Sites

(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.

To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum

©2018 Bloomberg L.P.