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Univision Confirms It’s Looking to Sell Gizmodo Media Group and The Onion

Univision has confirmed today that it is looking to sell Gizmodo Media Group and The Onion, confirming news that had been reported mere days ago.

The company said in a statement, “The company determined that 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.”

The Daily Beast media reporter Max Tani obtained a memo to staff from CEO Vince Sadusky explaining the decision:

You can read the company’s full press release below:

Univision Communications Inc. (UCI), the leading media company serving Hispanic America, today announced that the Company has initiated a formal process to explore the sale of the assets comprising the Gizmodo Media Group (GMG) and The Onion. The Company determined that 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.

The GMG digital portfolio includes Gizmodo, Jezebel, Deadspin, Lifehacker, Splinter, The Root, Kotaku, Earther and Jalopnik and The Onion portfolio includes, The Onion, Clickhole, The A.V. Club and The Takeout.

There is no assurance that the process to explore the sale of these assets will result in any transaction or the adoption of any other strategic alternative.

UCI has engaged Morgan Stanley as financial advisor to assist in the process.

[image via screengrab]

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Josh Feldman is a Senior Editor at Mediaite. Email him here: [email protected] Follow him on Twitter: @feldmaniac